LIC Housing Finance Limited, a company owned by Life Insurance Corporation (LIC), was established on 19th June 1989. Based in Mumbai, LIC HFL offers long-term financial support to individuals seeking to buy or build homes or apartments for residential use. Additionally, the company assists individuals interested in purchasing pre-owned property for various purposes such as setting up businesses, constructing medical facilities, office spaces, and residential buildings. Here, we will discuss the interest rates for home loans provided by LIC Housing Finance.''
What are LIC HFL services?
LIC HFL services simplify and streamline the process of securing a housing loan. Using LIC home loan login services, individuals are able to utilize e-service through the 'LIC Login Process Online', eliminating the need to wait in line.
How to do LIC HFL customer login?
- Visit the LIC HFL website and select the customer portal from the online services or e-services tab.
- If you are new to the website, select the new user button.
- Create a new ‘username’ and ‘password.’
- Login with a new ‘username’ and ‘password’ and click on submit button.
- You will receive your login information on your registered email or mobile number
LIC home loan login to the customer portal via loan application number
How to check the LIC HFL Home Loan approval status online?
1. Visit the LIC HFL customer portal and log in.
2. Click on the 'Home Loans' tab.
3. On the next page, click the 'Online Loan Application' button.
4. Select 'Click to Track Application'.
5. Enter your application number and click 'Submit'.
6. Your home loan application status will be displayed.
Also Read: Applying for a home loan - Online vs Offline: Which One Is Better?
How to pay LIC HFL home loan EMI online?
1. Visit the LIC HFL customer portal and log in.
2. Select the ‘Pay Online’ option.
3. Click on ‘Loan Account’ and then ‘Get Dues’.
4. The amount due for a specific loan date will be displayed.
5. Click on the ‘Pay’ option.
6. Choose your preferred mode of communication.
7. Select where you would like to receive your messages, either via mobile or email.
8. Read and agree to all terms and conditions of LIC HFL.
9. You will be redirected to the payment gateway page.
10. After completing your Net Banking payment, you will receive a payment summary.
11. You can download receipts to acknowledge payment.
12. Payment receipts will also be sent to your email.
How to obtain LIC Housing Loan statements online:
- Visit https://www.lichousing.com/
- Select the ‘New Customer’ option
- Enter these information
- The account number of your home loan
- The amount sanctioned under your home loan
- Date of birth
- The security code displayed on the screen
- Click on submit after completing the previous stages
- Enter your personal information
- Your Email id
- Your username and password
- After completing those stage, you will receive an activation link from LIC HFL in your email
- Click on the link from your email
- Go back to the LIC HFL website and enter your username and password
- After the successful login, you will see:
- Your personal details
- Your linked home loan details
- You can view your home loan status report by selecting the option from the left-hand side of the menu
- Select the ‘loan status report’ option and select the relevant home loan account number and click on ‘GO’
- You can now view
o The time period of your loan
o Your LIC sanctioned loan amount
o Your loan interest rate
o Your loan disbursement date
o Your status of EMI
o Details of your principal and interest amount
How to generate LIC HFL home loan repayment statements?
1. Click on ‘Repay Certificate’ from the left-hand side menu on the website.
2. Select your home loan account number.
3. Choose the financial year from ‘April of last year to March of the current year’.
4. Click on ‘Go’ to generate your statement.
Why should you use the LIC HFL customer portal?
- To receive yearly repayment certificates
- Access disbursement details
- Repayment Schedule for the next 12 months
- Access PDCs/ECS details
- You can enquire and submit your query
- You can make online payments
Adding loan accounts to your LIC HFL profile
- Select the ‘Manage Loan’ option on the website.
- Click on ‘Add Loan’.
- Enter your loan account number, sanction amount, and the primary holder’s birth date.
- Your loan account will then be added to your profile.
How to revive your LIC HFL password?
- Select the ‘Forgot Password’ tab.
- Enter your username, birth date, and loan number.
- Enter the OTP sent to your mobile or email.
- Input the verification code.
- Your loan credentials will be sent to both your mobile and email.
What are the features of LIC Home Loan?
- You can obtain home loan sanction facilities online.
- Home loans are available at lower interest rates.
- LIC home loans can extend up to 30 years or until you reach 60 years of age, whichever comes first.
- There are no penalties for pre-payments.
- Financing is available for the construction or purchase of houses or flats from private developers or housing boards.
- Financing is also available for repairs and renovations.
- You can transfer your balance or take over an existing loan.
Different types of LIC HFL loans
Home loans for Indian residents
LIC's Griha Suvidha Home loan enables individuals to purchase their desired home by providing a mortgage-backed housing loan. Individuals qualify for financial assistance on this loan through the Pradhan Mantri Awas Yojana - Credit Linked Subsidy Scheme.
Loan for salaried person
The lender must obtain revenue through banking methods. Income from sources other than CTC such as overtime, incentives, bonuses, vehicle charges, not reported in Form no. 16, should be considered as extra earnings. The extra earnings must not exceed 30% of your overall income. Your loan will have an age limit corresponding to the retirement age for loan calculation. If you are the main borrower, you must have a monthly income of at least 30,000 rupees. Nevertheless, if you opt for a joint borrower, your monthly income must be at least 40,000 rupees.
Also Read: Know the Difference Between: Plot Loan V/S Home Loan
Loan for a salaried person with no availability of pension
There is no limit on the age for which you can apply for the loan. You have the option to prolong your loan for an additional ten years after you reach retirement age. In addition, the duration of the loan will be 30 years. You must be 50 years old or younger to be eligible for a loan.
Extension for self-employed
.png)
Home loans for NRI
LIC HFL offers loans to Non-Resident Indians (NRI) for purchasing residential property in India. LIC HFL offers a variety of services including home loans, plot loans, home improvement loans, home renovation loans, top-up loans, and balance transfer facilities.
Plot loans
- When you purchase plots from government/developmental bodies/approved layout
You can avail of loans for purchasing plots for residential from government-affiliated bodies. You can take a loan up to 75% of the total cost of the plot. This tenure will last for 15 years.
- When you purchase a plot or construct a house
You can avail loan if you can complete your house construction in 3 years from the date of purchase. You can use 60% of the loan amount to buy the plot, but the other 40% should be used to construct your house. This tenure will last for 30 years.
LIC HFL home loan documents needed
- KYC Documents:** PAN card, Aadhaar card, proof of residence; for NRIs – passport
- Income Documents:** Salary slip and Form 16, bank statements for the past 6 and 12 months, last 3 years of income tax returns, and financial statements for self-employed or professionals
- Property Documents:** Proof of property ownership, allotment letter to the builder in case of a flat, and tax paid receipts
Interest rate on LIC HFL Home loans
If your CIBIL score is above 750, then your interest on a home loan is 7.5%.
LIC HFL Maximum loan amount and the time period
- If the property cost is Rs 30 lakhs, you will be given a loan equal to 90% of the total value.
- If the cost of the property is between Rs 30 lakhs and Rs 75 lakhs, you will be given a loan worth 80% of the total property value.
- If the cost of the property is more than Rs 75 lakhs, you will be granted a loan equal to 75% of the total value of the property.
- If you are a worker who receives a fixed regular payment, you will have a period of 30 years to return the money borrowed.
- If you work for yourself, you will have 25 years to pay back the loan you borrowed.
Also Read: Home Loan Interest Rates - May 2024
Ans 1. LIC Housing Finance Limited (LIC HFL) offers home loan interest rates starting from 8.50% p.a. onwards for tenures of up to 30 years.
Ans 2. The potential reduction in home loan interest rates in 2024 could be between 0.5% and 1.5%, again depending on your lender and loan type. Some lenders might only pass on a portion of the repo rate cut, while others might offer more competitive rates to attract new borrowers," says Kathuria.
Ans 3. Will I get 100% property value as a home loan from LIC? LIC offers home loans of up to 90% of property value for loans of up to Rs. 30 lakh, 80% of property value for loans between Rs. 30 lakh and Rs.
Ans 4. To avail benefit of Interest rate reduction Loan account should be regular or no instalment is overdue. 4. Rewriting charges are applicable property wise. If there are more than one loan or additional loan availed on same property, ino additional charges will be applicable for rewriting additional loan account.
Ans 5. But until the Fed sees evidence of slowing economic growth, interest rates will stay higher for longer. The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025.
Ans 6. One of the foremost expectations from Budget 2024 revolves around the revision of the maximum deduction for home loan interest under Section 24 of the Income Tax Act. Currently capped at Rs 2 lakh, industry experts advocate for a substantial increase, proposing a new limit of at least Rs 5 lakh.
Ans 7. But if you a LIC policy in your name, you also have a better option of loan as you can take a loan against this policy. The good thing about this loan is that it does not affect your CIBIL score. Apart from that, the interest rate is also lower than personal loans.
Ans 8. Taking a loan on LIC policy allows quick access to cash without affecting credit scores, featuring lower interest rates than other loans. It offers flexible repayment options, keeps policy benefits, and allows versatile usage of funds.