My uncle works in LIC and has dealt with home loans for the last 15 years. I heard multiple times from him that LIC home loan interest rate for NRI offers housing loans for NRIs at competitive interest rates. Apart from this, you can get flexible terms. The interest rates here typically range between 8.65% to 10.25% per annum. But, it depends on factors like loan tenure, loan amount, credit score, and repayment capacity.
Loan-to-Value Ratio (LTV): Up to 90% of the property value for loans up to ₹30 lakh. Reduced LTV for higher loan amounts, typically 75%-80%.
Loan Tenure: Up to 20 years, with options for shorter terms based on the borrower’s preferences or financial stability.
Processing Fees: Typically range between 0.25% to 1% of the loan amount.
Repayment: NRIs can repay through NRE/NRO accounts or by using ECS (Electronic Clearing Service), ensuring timely payments without geographic limitations.
These rates may also vary based on the current market conditions and RBI policies. This is all about the LIC housing loan interest rate for NRI.
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NRIs who want to buy a home in India can choose from a wide range of home loans offered by LIC HFL. Any salaried employee with an NRI or PIO status is qualified for a house loan from LIC HFL. LIC housing loan interest rate for NRI varies with the CIBIL score and occupation type.
What is the LIC Home Loan Interest Rate for NRI?
| CIBIL Score | Occupation type | Loan Amount | LIC NRI home loan interest rate |
< 600 |
Salaried and professional |
Upto 50 Lakh |
10.00% |
700-749 |
Salaried and professional |
Up to 2 Cr. |
8.75% |
< 600 |
Nonsalaried and non-professional |
Upto 50 Lakh |
10.10% |
700-749 |
Non-salaried and non-professional |
Up to 2 Cr. |
8.85% |
These interest rates are floating. When considering joint candidates, the applicant with the higher CIBIL score will be given consideration. Also, the maximum repayment period is 30 years for salaried and 25 years for self employed
I hope this helps!
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Authors Of The Question
What is LIC Housing loan Interest Rate for NRI?
Sahil
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9 months
2024-01-30T08:47:14+00:00 2024-01-30T08:47:14+00:00Comment
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