LIC Home Loan Interest Rate
For people who aspire to own a home one day, LIC Housing Finance can be an ideal partner for financing their dream. The organization understands how important it is to have the freedom of one's own home; thus, the LIC Housing Finance loan interest rate is as reasonable as it is. The role played by the organization does not stop with only providing borrowers with a home loan at a decent LIC Housing interest rate. It extends to guiding them at each step of the process. It also helps that borrowers can avail of these loans comfortably thanks to the online application facility. It offers affordable home loans with a loan amount of up to Rs. 15 crores.
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LIC Housing Finance Key Highlights
| Amount of Loan | Up to Rs. 15 crores |
|---|---|
| Rate of Interest | A minimum of 8.50% p.a. |
| Processing Fees |
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| Max Tenure for Loan Repayment | 30 years |
LIC Home Loan Interest Rate in 2024
LIC home loan interest rate 2023 stands at an attractive 8.50% - 10.50% and the lender offers borrowers 90% of the property value for loans up to 30 lakhs, 80% of the property value in case of loans above 30 lakhs up to 75 lakhs. And 75% of the property value in case the loan amount is above 75 lakhs. Borrowers get a maximum of 30 years to pay these loans back and own a home that they dream of at some of the most affordable terms and conditions in the market. It also helps that the lender offers many different kinds of loans, thus allowing borrowers the scope to find an option that suits them the best. A great benefit of getting home loans from LIC is the complete transparency on loan transactions.
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Applicants with a CIBIL score of 800 or higher | 8.50% p.a. |
| Other Applicants | 9.25% p.a. onwards |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Retail Prime Lending Rate: 8.50% - 10.50% p.a.
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Floater Rate (Salaried) | 8.50%-10.40% p.a. |
| Floater Rate (Self-Employed) | 8.60%-10.50% p.a. |
| Fixed Rate (Salaried/ Self-Employed) | 10.00%-10.25% |
LIC Home Loan Interest Rate For All Schemes In India
- LIC Griha Suvidha Home Loan – These loans are provided to candidates who receive a part of their payment in cash as well as those who want more time to pay the loan back because they are getting closer to the age of retirement.
- LIC Home Extension Loan – The interest rates on these loans begin from 8.50% pa.
- LIC Home Loan for Pensioners – This home loan program is meant for employees of the state governments in India as well as individuals who are receiving pensions from the Defined Benefit Pension Schemes (DBPS). They must be younger than 65 years old at the time of taking the loan as well.
- LIC Home Loan for NRI – This loan is provided only to Non-Resident Indians (NRIs) who are looking to buy or build a home in India.
- LIC Home Renovation Loan – Borrowers can avail of this loan for constructing a new home as well as renovating an existing one.
- LIC Plot Loan – Borrowers can avail of such a loan only when they buy a residential plot from a government body, development authority, or other approved entities.
- LIC Home Loan Top Up – This is provided as an extra loan on existing home loans, and new borrowers can apply for these loans well along with existing LIC Housing Finance borrowers.
- LIC Advantage Plus Scheme - This loan is almost the same as the home loan balance transfer facility provided by LIC HFL. The lender waives off two EMIs over here as well – the first at the end of the fifth year and the second when the loan is closed. The maximum repayment tenure in this case is 30 years too, and the interest rate is 8.50% onwards for salaried applicants and 8.60% onwards for non-salaried applicants.
| Interest rate (Salaried) (Non - Salaried) | Interest rate (Salaried) (Non - Salaried) |
|---|---|
| LIC Griha Suvidha Home Loan |
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| LIC Home Loan for Pensioners |
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| LIC Home Renovation Loan |
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| LIC Home Loan Top-Up |
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| LIC Home Extension Loan |
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| LIC Home Loan for NRI |
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| LIC Plot Loan |
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| LIC Advantage Plus |
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LIC Home Loan Interest Rate for Balance Transfer, and Top Up
To ensure a seamless and enhanced customer experience, LIC Housing Finance provides the following methods to offer additional benefits on home loans, which are detailed below:
LIC Home Loan Balance Transfer
This loan is meant for people who already have a home loan with another housing finance company (HFC) or bank. It helps them transfer the home loans that they have right now to LIC Housing Finance and get a lower rate of interest on repayment. The organization also waives off two EMIs to borrowers who avail of this particular facility. The maximum tenure for paying back the loan is 30 years.
LIC Home Loan Top Up
The main aim of the top up loan LIC Housing Finance is to assist the existing home loan borrowers to procure some additional finance that helps them finance their requirements. The LIC HFL top up loan interest rate presently stands between 9.70% and 11.55%.
LIC Home Loan Overdraft Option
LIC Housing Finance does not offer any overdraft facility for home loan. However customers can contact the LIC Housing Finance for more information on the same.
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Compare LIC Home Loan Interest Rate with Top Banks
Choosing a lender for your home loan in India can be a daunting task, leading to potential confusion. Hence, it is advisable to thoroughly compare the interest rates offered by prominent banks before arriving at a final decision. The table provided below outlines the interest rates and processing fees of other leading banks in India that extend home loans, allowing for a convenient comparison with LIC Housing Finance loan offerings.
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| LIC Housing Finance | 8.40% p.a. onwards | Up to 0.50% |
| Yes Bank | 9.35% p.a. onwards | 1.5% of the loan amount or Rs. 10,000 (whichever is higher) |
| HDFC Home Loan | 8.50% - 9.40% p.a. | Up to 0.50% + GST |
| ICICI Home Loan | 9.00% - 10.05% p.a. | 0.50% + GST |
| SBI Home Loan | 8.40% - 10.05% p.a. | Up to 0.35% + GST |
| Axis Home Loan | 9% - 14% p.a. | Up to 0.50% + GST |
LIC Home Loan Balance Transfer Interest Rates
The LIC Home Finance loan transfer interest rate is 8.50% onwards for salaried applicants, and for self-employed individuals, this rate goes up to 8.60% and more. A lot, in this case, also depends on the loan amount. For applicants with a CIBIL score of 750 or more, the interest rate on such loans is 8.50%, depending on the loan amount. This only increases as the credit score decreases.
People availing of LIC housing finance balance transfer can also get top-up loans on the same at attractive interest rates starting at 9.75%. Salaried applicants have 30 years to pay back these loans, but for self-employed individuals, this comes down to 25 years. These figures, however, depend on the age of the applicant as well as their repayment capacity.
Borrowers can also get more information in this regard from Repay Right. Following are the steps they need to follow for the same:
- Borrowers visit the section named Repay Right on the above-mentioned website
- They fill up the form provided with necessary details such as present outstanding loan amount, existing loan repayment tenure, existing rate of interest pa, existing EMI paid already, and new rate of interest p.a.
- They click on Next after entering said details
- They will be shown the total savings they can make by transferring their home loan balance to LIC Housing Finance
- They may also get in touch with one of the representatives from BASIC Home Loan for more information on this
Get Home Loan Starting at 8.5% Interest Rate from BASIC Home Loan
How To Calculate LIC Home Loan Interest Rates?
Taking a home loan is one of the biggest commitments anyone can make, especially from the point of view of finances. This is because people buying a home that way spend almost their entire lives paying back the loan just so that they can leave their successors a property that they can build on. This is why it makes complete sense to check out calculators on websites such as EMI so that one can gain a proper idea of the financial ramifications of such a decision and be adequately prepared for the same.
One can also visit the official website of LIC Housing Finance to get the latest EMI rates in these cases. A great benefit of using these calculators is that applicants can work out all the permutations and combinations that may apply in such a context. All they have to do is change one parameter, and they should be able to find the information that they are looking for. This also helps them choose an EMI structure that they will be comfortable with, and this last bit is extremely important to have a smooth experience overall.
LIC Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.50% pa | 12,399 | 8,678 | 7,689 |
| Rs. 20 lakh | 8.50% pa | 24,797 | 17,536 | 15,378 |
| Rs. 30 lakh | 8.50% pa | 37,196 | 26,035 | 23,067 |
| Rs. 40 lakh | 8.50% pa | 49,594 | 34,713 | 30,757 |
| Rs. 50 lakh | 8.50% pa | 61,993 | 43,391 | 38,446 |
| Rs. 60 lakh | 8.50% pa | 74,391 | 52,069 | 46,135 |
| Rs. 70 lakh | 8.50% pa | 86,790 | 60,748 | 53,824 |
| Rs. 80 lakh | 8.50% pa | 99,189 | 69,426 | 61,513 |
| Rs. 90 lakh | 8.50% pa | 111,587 | 78,104 | 69,202 |
| Rs. 1 crore | 8.50% pa | 123,986 | 86,782 | 76,891 |
Kindly note that the figures in the abovementioned table are calculated based on the lowest rate of 8.50% offered by LIC Housing Finance Bank on its home loans. This amount will change depending on factors such as interest rate, repayment tenure, and the monthly income of the borrower.
FAQ's
Nowadays, it has become extremely easy to pay EMIs of LIC home loans online, thanks to the multitude of third-party service providers that offer such services. Plus, you can visit the customer portal of the organization, from where you can make the payment using your loan account number.
The higher the credit score of a borrower, the lower the interest rate that they are charged for paying back a home loan from LIC Housing Finance. Similarly, the lower the credit score, the higher the interest rate.
There are no prepayment penalties associated with a home loan taken from LIC Housing Finance, provided the borrower has already paid at least six EMIs.
Yes, LIC Housing Finance offers home loans at both floating and fixed interest rates.
Yes, borrowers can indeed change the EMIs of the home loans that they have taken from LIC Housing Finance by logging onto the customer portal on the official website. They have to pay a rewriting fee for the same, though.
When interest rates are reduced daily, it means that borrowers can save more money over the length of the loan term.
You can apply online at the official website of LIC Housing Finance for a loan against property. You may also contact the representatives of BASIC for assistance.
The processing fee of a LIC Housing Finance loan against property is 1.00% of the loan amount, along with the applicable service tax.