LIC Housing Finance Loan Against Property
LIC Housing Finance Loan Against Property
Opting for LIC Housing Finance against property scheme combines the benefits of competitive interest rates, substantial loan amounts, and reliable services all through the flexible repayment term. LIC, known for its customer-centric approach offers LAP at an affordable interest rate starting from 9.50% per annum for up to 15 years tenure. The minimum loan amount sanctioned as an LIC loan against property is Rs. 2 lakhs, and it can go up to Rs. 15 crores.
LIC Housing Finance EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
LIC Housing Finance Loan Against Property Interest Rate
LIC Housing Finance offers loans at affordable interest rates to make it a convenient option for borrowers. This favorable interest rate structure not only reduces the overall cost of borrowing but also makes the monthly EMIs more manageable for them. The LICHFC offers LAP on a floater as well as a fixed rate basis.
The table below will give you a clue about the LIC Housing Finance loan against property interest rate 2024:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 9.50% - 11.55% p.a. |
| Fixed Rate | 9.50% - 11.55% p.a. |
LIC Housing Finance Loan Against Property Eligibility Criteria
The LIC Housing Finance loan against property eligibility criteria is nothing but a basic requirement set fixed by the lender to check the creditworthiness of applicants. These are factors like age, nationality, minimum income earned, employment status, and the applicant's credit score.
The table below will acquaint you with all these eligibility criteria for LIC LAP:
For Salaried Individuals
Age Range (in years)
23 - 65 years
Nationality
Indian Resident
Minimum Income Earned
Nothing specific
Credit Score
700 and above (preferred)
For Self-Employed Individuals
Age Range (in years)
23 - 65 years
Nationality
Indian Resident
Minimum Income Earned
Nothing specific
Credit Score
700 and above (preferred)
LIC Housing Finance Loan Against Property Fees and Charges
Processing a loan involves significant administrative work, including the verification of documents, property evaluation, and other legal checks. Hence, financial lenders like Life Insurance Corporation of India (LIC) HFC charge processing fees and other associated charges for LAP to cover these costs. Check out the LIC Housing Finance loan against property processing fees and other charges through the table displayed below:
| Processing Fee | 1% of the loan amount + taxes |
| CERSAI Registration Fee | As per actuals |
| Prepayment Fee | Nil |
| Statutory Charges | As per actuals |
| Stamp Duty | As per actuals |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
You will make the best decisions if you compare the interest rates and processing fees of LIC LAP with other leading banks and NBFCs offering the same scheme. It will boost your confidence for your selection or else guide you for a better option. So, check out the comparison drawn between LIC LAP and other lenders:
- Rate of Interest - 9.50% - 11.55% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 10.00% - 11.30% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 10.40% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
- Rate of Interest - 10.85% - 18.60% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 11.35% - 12.85% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 11.50% p.a. onwards
- Processing Fee - 2% of the loan amount
Documents Required For LIC Housing Finance Loan Against Property
Thorough documentation helps in mitigating the risk of default and fraud. By verifying all aspects of the borrower’s financial situation, and the property’s legal standing, LIC HFC can make informed lending decisions and reduce the potential risks. So, for your reference, we are now listing out the LIC Housing Finance against property documents required from salaried and self-employed borrowers:
| For Salaried Loan Applicants | Address/ Identity Proof: PAN Card, Aadhaar Card, Electricity Bill. Water Bill, Passport, And So On
Income/ Salary Proof: Latest ITR/ Form 16, Salary Slips For The Last 3 Months, Bank Account Statements For The Last 3-6 Months
Property Documents: Allotment Letter, Occupancy Certificate, Permission For Construction, Payment Receipts To The Builder Or Seller, And So On
Other Documents: Duly-Filled Application Form Affixed With 3 Latest Passport Size Photographs, Appointment Letter, Employer Identity Card |
| For Self-Employed Loan Applicants | Address/ Identity Proof: Aadhaar Card, PAN Card, Passport, And Voter ID Card
Income Proof: ITR/ Form 16 For The Last 3 Years, Profit And Loss Account Statements And Balance Sheets For The Last 3 Years, Savings Account Statement/ Current Statement Of The Business Entity For The Last 3 To 6 Months, Business Profile, Form 26AS
Property Documents: Allotment Letter, Occupancy Certificate, Permission For Construction, Payment Receipts To The Builder Or Seller, And So On
Other Documents: Duly-Filled Application Form Affixed With 3 Latest Passport Size Photographs, Appointment Letter, Employer Identity Card, Partnership Deed If The Business Entity Is In Partnership, And The List Of Stakeholders |
How to Apply for LIC Housing Finance Loan Against Property
The LIC Housing Finance loan against property apply online is a completely hassle-free procedure that can be conducted in the following manner:
Apply Now on the BASIC Website
Go to the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’
Choose ‘Loan Against Property’ under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Enter the required details such as your name, contact number, email ID, loan amount, and pincode and click ‘Next’
Our Expert Will Reach Out to You
The BASIC Home Loan team will then contact you for further process in applying for an LIC Home Loan Against Property
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