I heard from some of my colleagues about the disadvantages of LIC Housing Finance. For certain borrower profiles, LIC Housing Finance\'s interest rates are higher than those of certain banks or NBFCs, even though they are competitive. Higher charges may apply to self-employed people or those with bad credit scores. I have included more disadvantages below for you.
LIC Home Loan Disadvantages
Borrowers often report longer processing times compared to private banks. This could delay disbursement. Here are a few other disadvantages.- Although the company has made strides in digitisation, its online services are not as robust as some private lenders.
- LIC Housing Finance follows stringent documentation and eligibility checks. It is challenging for individuals with non-standard income proofs or inconsistent credit histories.
- For non-individual borrowers, such as businesses or partnerships, prepayment or foreclosure of loans may attract additional charges. This reduces flexibility for borrowers seeking to repay the loan early.
- Some borrowers have raised concerns about inconsistent customer support and delayed responses to queries or grievances.
- Despite efforts to modernise, LIC Housing Finance relies heavily on its branch network, which may not be ideal for tech-savvy or remote borrowers.
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What are the Disadvantages of LIC Housing Finance?
pia
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2024-12-26T19:49:21+00:00 2024-12-26T19:49:22+00:00Comment
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