LIC Housing Loans

LIC Housing Loans offer home loans at low and attractive interest rates to Resident Indians as well as Non Resident Indians. The special schemes for Pensioners, by LIC Housing Finance India have been appreciated by all. LIC Housing Finance Ltd. provides loans not only for purchase, construction, repair, renovation or purchase of plot, but also for consumer durables. LIC Housing offers two schemes of 'Sampurna Griha' for buying goods up to Rs. 2 Lacs.

LIC Housing Finance Interest Rate has been fixed at a very low value as they aim to increase the standard of living of the people. LIC Housing Finance Limited has special facilities like Green House that is meant for professionals like Doctors, Software Engineers, CA's etc. and Step-Up EMI facility for those youngsters below the age of 35 years who have future prospects of increase in income. LIC Housing Loans also offers special facilities to NRI's in Gulf.

LIC Housing Loan Application

To apply for LIC housing loan, you need an application form which you can get from a local branch of LIC Housing Finance Limited or download online from its official website. The filled-in application form duly supported by the requisite documents undergoes an usual verification and scrutiny process, the successful completion of which entitles a borrower to be interviewed by a company official personally. The loan is sanctioned after this process goes successfully and you are issued a loan offer. The next stages involve title clearance by panel advocate, property valuation by panel valuer and inspection of property by the staff of the company. If everything goes as per the expectations of the officials, documents are collected, stamped and executed, and finally the loan is disbursed.

LIC Housing Loan Interest Rate

LIC Housing Loan Interest Rates can be either fixed or floating as per the preferences of the borrowers. The fixed -rate housing loans allow you for a repayment based on a non-variable predetermined rate of interest. This is not the case with the Floating rate of interest, which is reviewed after every three months in January, April, July and October. The rate is determined on the basis of the prevailing market condition which is estimated by the LIC and LHPLR. As a result, your monthly installments may vary throughout the term of the loan. To know about the current rate of interest being offered by LIC for housing loans, you can log on to lichousing.com, the official website of LIC Housing Finance Limited.

LIC Housing Loans for NRI

LIC has a special scheme of home loans for Non Resident Indians (NRIs), which is known as 'Griha Shobha'. Under the scheme, a minimum of Rs 5 lakh can be sanctioned for housing or land purchase in India. The maximum loan term is fixed at 10 years for non-professional NRIs while it becomes 15 years for a professional working abroad. Repayment can be through EMI based on monthly rest basis. LIC Housing Loans for NRI also require collaterals in the form of housing mortgage or demand promissory note.

LIC Housing Loans Details

LIC Housing Loans are popular among home buyers in India owing to their comparatively low interest rates and easy repayment options. People, as a result, are more on a look out for more information on the complete housing loan packages by this premiere loan providing agency of the country. To help you attain more information regarding LIC Housing Loans and their interest rates, Indiahousing.com provides you the following link:

Website:http://www.lichousing.com