LIC Home Loans

LIC housing finance home loan rates are quite attractive and is minimal if compared to other similar services available that are available in the Indian market. Moreover, the repayment period is quite flexible which helps in letting the people repay back the amount with less difficulty. Not only the residents of India but also the NRIs can apply for the home loan schemes available from LIC. Due to these reasons, the LIC home loaning schemes have become exceedingly popular among most of the people residing within India as well abroad.


Let us have a look at the different home loan schemes available from the LIC:


FOR RESIDENT INDIANS:-


Griha Prakash (Purchase)


Minimum loan amount available under this scheme is 1 lac INR. Loan repayment policy is for a period of maximum twenty-five years. The loan-property costing is eighty percent of the total property cost which includes charges of registration and stamping. Upfront fees of One percent over the total sanctioned loan amount are applicable along with service taxes. Security deposit includes note on demand promissory and mortgage (equitable) of residential plots or land properties.


Griha Prakash (Construction)


Minimum loan amount available under this scheme is 1 lac INR. Loan repayment policy is for a period of maximum twenty-five years. The loan-property costing is eighty percent of the total property cost which includes charges of registration and stamping. Upfront fees of One percent over the total sanctioned loan amount are applicable along with service taxes. Security deposit includes note on demand promissory and mortgage (equitable) of residential plots or land properties.


Griha Prakash (Extension)


Minimum loan amount available under this scheme is 1 lac INR. Loan repayment policy is for a period of maximum twenty-five years. The loan-property costing is eighty percent of the total property cost which includes charges of registration and stamping. Upfront fees of One percent over the total sanctioned loan amount are applicable along with service taxes. Security deposit includes note on demand promissory and mortgage (equitable) of residential plots or land properties.


Griha Sudhar (Home Repair)


The Maximum loan amount available under this scheme is 10 lacs INR. Loan repayment policy is for a period of maximum fifteen years. The loan-property costing should not exceed 85 percent of the total repairing cost or 25 percent of the market value, depending on the one which is lower. Upfront fees of One percent over the total sanctioned loan amount are applicable along with service taxes. Security deposit includes note on demand promissory and mortgage (equitable) of residential plots or land properties.


Vacant Plot & Site Purchase Loan


The Maximum loan amount available under this scheme is 20 lacs INR & the minimum loan amount is 50 thousand INR. Loan repayment policy is for a period of maximum fifteen years. The loan-property costing should be 85 percent of the total plot or site costing. Upfront fees of One percent over the total sanctioned loan amount are applicable along with service taxes. Security deposit includes note on demand promissory and mortgage (equitable) of residential plots or land properties.


The LIC Home Loan for the NRI quota is more or less similar to what we saw in the above sections. The rules for the NRI loan schemes have a lot of similarity with the resident Indian Loan Scheme polices. However, there are certain minor differences. Let us have a look.


The minimum loan amount that can be achieved in NRI quota is 5 lacs INR. However, the applicant needs to have completed 21 years of age during the time of application. Moreover, the applicant should have an Indian passport which is valid. The repayment period for the self-employed or business owned ones is a period of ten years. The repayment period for salaried professionals is a period of 15 years. All other rules and regulations are similar to the home loan policy for the resident Indians.


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