What is the processing fee for LIC housing loan?

The LIC home loan processing fee is around 0.50% of the loan amount plus GST. This can vary based on the type of home loan hence it will be best to visit their official website or one of their branch. I had availed of the Griha Suvidha Home Loan from them so let me share the processing fee of this home loan.

What is the LIC HFL Processing Fee?

The LIC housing loan processing fee for Griha Suvidha Home Loan is as follows:

But the LIC HFL home loan processing fee might vary as per the different types of LIC housing finance loans like for:

• Griha Varishtha home loan (for pensioners) 

• LIC HFL Griha Suvidha, LIC HFL plot loan

• LIC HFL home construction loan

• LIC HFL home extension loan

• LIC HFL for NRIs

Hence it's better you tally the fees accordingly. 

There is a fee for every service and so for availing a home loan. I availed a home loan recently and the LIC processing fee for home loan is between 0% to 0.50% plus GST. Note this fee is not that much. If you avail a home loan of Rs 10 lakhs, you have to pay a processing fee of Rs 500 plus GST. It is true that the processing fee for home loan LIC HFL is greater than that of SBI whose fee is usually within 0.35% but it is okay. After all different banks have different charges, interest rates, schemes and more.

People might say it is refundable but trust me it's not. I asked the officials about it and in most cases, they do not refund it. This usually is decided by the bank from where you have availed the loan. But you won’t get the entire amount refunded. You might relieve a part of the fee or nothing at all. It is better to ask about it before availing your home loan.

What are the LIC housing finance hidden charges?

As for hidden charges, I will say that there is only the processing fee and the GST. I have already mentioned the processing fee rate and for the GST let me tell you that the processing fee attracts an amount GST of 18%. However, these are one-time payments so don’t worry. Ask the officials about these charges and get to know the exact amount you will need to pay.

Last month my father went to HFL bank to avail a home loan and get our first floor constructed. He came and started telling me that he thinks the processing fee is also very high. I did not know anything about the LIC HFL Home Loan processing fee so asked him about it. He said that it is the fee which the bank officials take to bear some administrative costs for processing and sanctioning your loan. It varies from one bank to another but usually remains within 0.5% to 2.50% of the loan amount.

What are the LIC Housing Finance processing fees?

You cannot escape from paying this fee. Sir Sarthak is absolutely correct but I would like to update it with the latest details. My father is taking Rs 8 Lakhs as loan so he explained vividly about it which I would like to share here.

Home Loans ranging from Rs 1 Lakh to Rs 15 Crore has an interest rate starting from 6.90% per annum and the tenure can go upto 30 years so it's great. The applicable LIC housing loan processing fee is upto 0.50% of the loan amount excluding GST.

This is all I have to say about the LIC HFL Home Loan processing fee as of now.

I did not know what the processing fee was when I was applying for a home loan in LIC. That’s when my banker friend told me that it is a fee you have to pay to the bank to deal with your housing loan application. It’s a one-time fee that is generally paid upfront, which means you have to pay it out of your own pocket to the bank instead of it being deducted from your loan amount. Let me tell you about the LICHFL home loan processing fees.

LIC Housing Finance charges a processing fee of 0% to 0.50% on a housing loan which has to be paid at the time of loan application and is generally non-refundable.

Now you know about the LIC housing processing fee.

LIC Housing Finance Limited (LICHFL) provides affordable housing loan options ranging from Rs. 1 lakh to Rs. 15 crores at attractive interest rates starting from 6.75% p.a. and with tenures going up to 30 years.

It also offers a Griha Varishtha housing loan to people having pension benefits with loan tenures of up to 80 years of their age and a Griha Suvidha housing loan scheme backed by Mortgage Guarantee, to salaried individuals getting their salary in cash, self-employed individuals needing extended loan tenure and salaried individuals nearing their retirement age needing longer loan tenure.

This is all on what is the processing fee for LIC housing loan.

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I hope you liked my answer on the LICHFL home loan processing fee