How to check home loan eligibility in LIC?

Hello Ritwik. I recently got a home loan from LIC for my new house. Before this, I checked my eligibility. So, I can answer your query regarding how to check home loan eligibility in LIC. You can either go to the LIC bank’s website or even to the branch office to check your home loan eligibility. I’ll mention both of the methods to help you understand the process involved.

How to do an LIC Housing Loan Eligibility Check?

Here are two ways to check your eligibility:

Online Process

1. Go to the

   LIC Home Loan Eligibility page on their website

   .

2. You’ll find a form with a few sections. These include your gross monthly salary, total current EMIs, interest rate, loan term and the amount you can spare as the loan EMI. 

3. Add information in all the sections by moving the slider. Your monthly income, current EMIs, the home loan interest rate offered to you, the loan term and your spending ability towards the EMI will give you the probable loan amount on the screen.

4. You’ll also be able to see the monthly EMI, property cost, and the proportion of the principal amount to the total interest.

Offline Process

1. Go to the LIC office with relevant home loan documents.

2. Fill out the application form and submit it to the loan officer.

3. You’ll be informed about your eligibility by LIC.

4. You can keep track of your application status by visiting the LIC branch.

This is all about the LIC home loan eligibility check.

I was planning to buy a house, and for that, I needed a home loan. I called my uncle and asked for his suggestion. He told me to avail the loan from LIC. He also suggested me to do an LIC home loan eligibility check by using the process I listed below.

How to Check LIC Housing Home Loan Eligibility?

Here are the steps I followed to check my eligibility for LIC home loan. 

• I visited the

  LIC Loan Eligibility Calculator

  . 

• There, I entered the Gross Monthly Income.

• Following that, I had to enter the Total Current EMIs’. 

• After that, I mentioned the Interest rate and Loan Term.

• Finally, I entered the amount I could spare towards a home loan per month. 

Following that, the loan amount and monthly EMI were displayed on the right side of the screen.

He also told me that I needed to fit the LIC housing finance eligibility criteria to be able to get the loan. According to my uncle, each loan applicant should have a minimum CIBIL score of 650. 

And that is all he told me about the LIC home loan eligibility check. I hope this helps. 

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I was discussing home loans with my father as I was planning to avail one. He suggested me to go for LIC home loans. He said LIC home loans have the lowest interest rates and asked me to check for LIC housing finance loan eligibility before deciding anything. 

Following what he said, I did some research online to understand the LIC HFL loan eligibility. I came across the NoBroker home loan eligibility checker. 

How To Check LIC Housing Finance Home Loan Eligibility?

Here I am talking about the NoBroker Home Loan Eligibilty checker its pretty easy to check home loan eligibility. Here is how to use it. 

• Visit the official

  NoBroker Home Loan Eligibility Calculator

  . 

• Enter your Loan amount and then your monthly income. 

• Now, enter the total current EMI that you are paying. This is applicable only to those who are currently paying EMIs. Leave as it is if you are not paying any. 

• Following that, enter the Interest rate and the loan tenure. 

After entering all the necessary information, you will get the Estimated EMI and Eligible loan amount. And that is how to check your LIC housing finance loan eligibility. Hopefully, this has been of help to you. 

Important Factors for LIC housing loan eligibility:

• Age: Age plays an important role for securing a home loan at any bank. The minimum age to secure a home loan is 21 and the maximum age limit is 60 years.
• Net Income: Another important factor that matters while securing is how much you earn on a monthly or a yearly basis. Based on this LIC offers home loan and interest rates to its customers. You need to earn at least Rs25,000 per month to secure home loans from LIC.
• Nature of Employment: While securing home loans you need to mention the nature of your income that is self employed or salaried and based on that LIC offers different housing loan schemes.
• Value of the Property: LIC does not finance the entire amount with which you will buy your property. For a property less than 30 lakh, the LTV is 90%, for a property worth between 30 lakh and 75 lakh the LTV is 80% and for a property which is worth above 75 lakh the LTV is 75%.
• Documents: You should submit all the property documents to the bank for verification and only after that your loan will be sanctioned.
• Women: LIC helps women secure home loans at a lower interest rate. Women can secure a home loan at the lowest interest rate of 6.70%.
• CIBIL score: The minimum CIBIL score secure home loan at LIC is 650.

How to enhance LIC of India home loan eligibility?

• Add a co-applicant to secure a home loan.
• Make sure you have a steady income with proper savings and investment.
• Give all the details of your yearly income.
• Improve your Credit score if required.
• Repaying all the loans and debts timely.

How to check home loan eligibility in LIC?