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LIC Housing Finance

LIC Housing Finance Ltd. was set up in the year 1989 on the 19th day of June. Since its inception, LIC Housing Finance Ltd has moved into the limelight owing to its effort to help the common people with their housing needs. LIC of India promoted the company after it was formed.

LIC Housing Finance Ltd -Areas of operation
 
LIC Housing Finance Ltd extends finance for constructing, renovating, and repairing houses, flats etc. These loans are extended to individuals as well as business houses. The company has a well developed network throughout the country which makes it even more popular since people can access its services irrespective of the area where they are currently staying.
Basically LIC Housing Finance Ltd offers loans for the following purpose – 
  • Loans to real estate developers who need the same for carrying out housing as well as commercial real estate projects
  • Renovation, purchase, repair, and construction of houses and apartments
  • Loans to business houses and corporate bodies for setting up office space. Loan is also extended to build staff quarters.
  • Loans to businessmen for setting up diagnostic centers, nursing homes, and clinics etc

     

LIC Housing Finance Ltd services for Non Resident Indians (NRIs)
 
LIC Housing Finance Ltd offers loans to the Non Resident Indians too. However, they need to meet certain criteria for qualifying for the loan. If you are an NRI and you are seeking a loan from LIC Housing Finance Ltd, you should have –
 
  • Indian Passport (Valid)
  • Steady flow of income
  • Work permit or job contract
  • Been 21 years of age or more on the date of applying for the loan

 

How much can you avail as loan from LIC Housing Finance Ltd?

An important aspect that is taken into account when you apply for a loan from LIC Housing Finance Ltd is your repayment capacity. In addition to that, the following are taken into consideration –
 
  • Age
  • Assets
  • Income
  • Job stability
  • Liabilities
  • Number of dependents etc
The amount you can avail from LIC Housing Finance Ltd as loan ranges widely. There are different schemes that offer differing loan amount. However, the amount you can avail will not exceed 85% of the property value.
Schemes offered by LIC Housing Finance Ltd
LIC Housing Finance Ltd offers the following schemes –
 
  • LIC Griha Prakash
  • LIC Griha Sudhar
  • LIC Griha Shobha
  • LIC Griha Laxmi etc
 
The minimum and the maximum amount you can borrow under the above mentioned plans usually differ from one another.

 

Paying back your home loan

The rate of interest depends on the purpose for which you are availing the loan. You can pay back the loan within 15 years (Griha Sudhar and Griha Laxmi) or 20 years (Griha Prakash). This is for the Indians. In case of NRIs, the repayment period is 10 and 15 years. Repayment is usually done in EMI or Easy Monthly Installments.
 
Cost of availing loan from LIC Housing Finance
 
You will be required to pay a percentage of the loan amount availed as processing and administrative fees for the loan.
LIC Housing Finance has eased out our housing problems very efficiently. It is dependable and that is why there are innumerable consumers who opt for LIC Housing Finance for their housing needs.