Life Insurance Corporation of India offers several schemes on home loans to the normal people of India. The interest rates associated with these loans are quite attractive and is minimal if compared to other similar services available. 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.
|
