Loans
Home Loan
Buying a Home is the costliest purchase in one's life and it is equally important to choose a Home Loan partner who will look beyond loan transactions. Typically Home loans being 20-30 years tenure, the terms should be easy to understand and process simplified with utmost transparency. It’s that sense of security one feels when taking loan from LIC HFL, HDFC Bank and Bank of Baroda..
LIC HFL Home loans exciting features
Skilled Professionals to guide you through the process by providing door step service
Pan India presence and overseas offices at Dubai & Kuwait
Competitive Interest Rates
Different loan schemes to suit your needs such as loans for Construction / Purchase / Repairs / Renovation / Extension / Plot purchase / Loan against Property / Loans to Professionals etc.
Loan Approval based on your financials to help you choose property as per your Budget
No hidden cost
☞ Resident Indians:
1. Purchase, 2. Construction, 3. Extension, 4. Repairs/Renovation
Loan Amount : Min.Rs.1,00,000/-
Loan to Property cost : 85% of total cost of the property for loans up to 20 Lacs; 80% of total cost of the property for loans above 20 Lacs and up to 75 Lacs ;75% of total cost of the property for loans above 75 lacs
Loan Term : Maximum term - For Salaried - 30 years, for self employed 20 Years
Repayment Mode : Equated Monthly Installments (EMI)- Monthly Rest Basis
Rate of Interest : Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees : As applicable from time to time
5. Plot Purchase
Purpose : Loan for purchase of residential plotfrom statutory authorities
Loan to Property cost : 75% of the property value
Loan Term : Maximum term - 15 Years
Repayment Mode : Equated Monthly Installments (EMI) - Monthly Rest Basis
Rate of Interest : Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees : As applicable from time to time
6. Take over from other Institutions/Banks + Top up
Purpose : Takeover of existing loan from other Financial Institution/Banks
Term : Maximum 30 Years for Salaried and Maximum 20 Years for Business
Loan Term : Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees : As applicable from time to time
☞ Non Resident Indians:
1. Purchase, 2. Construction, 3. Extension, 4. Repairs/Renovation
This scheme is available only for Salaried persons having NRI/PIO status.
Loan Amount : Min.Rs.1,00,000/-
Loan to Property cost : 85% of total cost of the property for loans up to 20 Lacs; 80% of total cost of the property for loans above 20 Lacs and up to 75 Lacs ;75% of total cost of the property for loans above 75 lacs
Loan Term : For Person with Professional Qualification – 20 Years, For Others – 15 Years
Repayment Mode : Equated Monthly Installments (EMI)- Monthly Rest Basis
Rate of Interest : Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees : As applicable from time to time
5. Plot Purchase
This scheme is available only for Salaried persons having NRI/PIO status.
Loan Amount : Min.Rs.1,00,000/-
Purpose : Loan for purchase of residential plotfrom statutory authorities
Loan to Property cost : 75% of the property value
Loan Term : For Person with Professional Qualification – 20 Years, For Others – 15 Years
Repayment Mode : Equated Monthly Installments (EMI) - Monthly Rest Basis
Rate of Interest : Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees : As applicable from time to time
☞ Pensioners:
1. Before Retirement
Purposes : Loans under the scheme may be availed for purchase, construction, extension of House / Flat
Eligibility : Persons whose age is 50 or more and having a pension scheme after retirement may apply for loan under this scheme.
Terms & Conditions : An undertaking letter that the entire loan oratleast 30 % or an amount as decided by the Area Office will be repaid out of the retirement benefits is required. The balance is to be repaid from the Pension Income. The amount of Principal to be repaid at the time of retirement will depend on the Pension amount the applicant is eligible after retirement.
Loan Term : The term of the loan will be up to 15 years or 70 years of age whichever is earlier.
2. After Retirement
Purposes : Loans under the scheme may be availed for purchase, construction, extension of House / Flat
Eligibility : Pensioners having a stable income throughout their life from pension may apply for loan under this scheme.
Terms & Conditions : 1) Commutation of Pension or any portion thereof is not allowed under this scheme. 2) A Guarantor acceptable to the Company is required.
Repayment Mode : The loan is to be repaid before the applicant attains the age of 70 years.
Corporate / Project Loans
For the organizations having Housing Finance schemes for their employees, LIC HFL is providing loans under Line of Credit scheme.
The Borrower company shall disburse the loan to its employee within 15 days of availing disbursement from LIC HFL.
☞ Corporates:
1. Staff Quarters
Purposes : Construction/purchase of Staff Quarters.
Applicant : Reputed Listed Public Limited or PSUs.
Repayment Mode : Equated Monthly
Security : Equitable Mortgage and any other security.
Rate of Interest : Quoted on Application.
2. Line of Credit "To" Scheme
For the organizations having Housing Finance schemes for their employees, LIC HFL is providing loans under Line of Credit scheme. The scheme is to make available Line of Credit to the Borrower Organization to fund its Housing Finance scheme for employees
Mode of Advance : On the basis of periodical statement of housing loansanctioned to its employees. The Borrower company shall disburse the loan to its employee within 15 days of availing disbursement from LIC HFL
Security for the Loan : 1) Deed of Guarantee by the Beneficiary employee to the extent of the loan advanced to him by the employer company 2) Equitable Mortgage of the individual units financed under the LOC in the form of Deposit of title deeds to be submitted to the borrower company on behalf of LIC HFL
Repayment of the Loan : Loan repayment will be made directly by the Borrowing Company to LIC HFL.
3. Line of Credit "Through" Scheme
For an Organization where direct HBA facility is not available, the Line of Credit - "Through" scheme will help the organization fulfill the needs of their employees for availing the housing loan. Under this scheme, LIC HFL will make available funds to their employees, as recommended by Company to enable employee-beneficiaries ´ (borrowers) to avail loan
Mode of Advance : Linked to the construction
Security for the Loan : 1) Security of the mortgaged property financed 2) Borrowers will have to execute mortgage of their properties in favor of LIC HFL 3) Employee borrower will have to execute a Loan Agreement which will have to be countersigned by the employer guaranteeing the repayment 4) Guarantee from the employer for repayment of entire loan with interest and other dues, if any.
Repayment of the Loan : Through salary deduction
☞ Builders and Developers:
1. Construction Finance Loan
Object : Loans to Builders/Developers for developing and constructing Residential / Commercial Premises.
Loan term : Minimum-6 Months and Maximum-5 years
Security & Title : Mortgage of the land over which the building is proposed along with super structure. Personal Guarantee of the Partners / Promoters Corporate Guarantee (if required)
Disbursement of loan : Installments depending on the progress of work in the project, its funding requirements and availability of sufficient security cover.
Repayment of loan : Through Escrow Account.
2. Term Loan
Object : To Builders/Developers for business purpose.
Loan term : Minimum-6 Months and Maximum-3 years
Security & Title : Mortgage of the Security of adequate Value acceptable to LICHFL as may be deemed necessary. The Receivables from various ongoing Projects to be assigned in favour of LICHFL. Personal Guarantee of the Promoters of the Company. Any other security as may be considered necessary by LICHFL
Disbursement of loan : In single tranche or in Installments based on the requirement of the Applicant Company as agreed mutually.
Repayment of loan : Through Escrow Account.
Other Loans
⇒Loan against Property ⇒Loan against securities ⇒Loans to Professionals ⇒Loan against Property for Companies ⇒Loan under Rental Securitization
Under this scheme, the financial assistance is provided for companies-Listed/Unlisted against the security of Commercial property – Office premises - already owned/to be purchased with the help of the loan; The loan amount may be utilized for repayment of existing loans (including takeover)/ Purchase of fixed assets etc.
☞ Loan against Property (LAP)-for Individuals
Purposes : Loan against Mortgage of Residential House / Flat.
i) Children´s Education / Marriage. ii) Children´s Education / Marriage. iii) Purchase of another Property. iv) Business Expansion.
Loan Amount : Min Rs.2,00,000/-
Loan Term : Maximum 15 years
Disbursement Of Loan : Equated Monthly Installments (EMI) - Monthly Rest Basis.
Security :1. Equitable / Registered Mortgage of Residential Property - Age of property not more than 35 years. 2. Demand Promissory Note.
Addl. Security : 1.00% of Loan Amount + Service Tax, as applicable.
This scheme is applicable to Resident Indians only.
☞ Loan against Securities such as LIC Policies etc. – for Individuals
1) Loans against Fixed Deposit of Nationalized Banks, Life Insurance Policies having surrender value and Post office instruments like National Savings Certificates, KisanVikasPatra
2) Loan up to 95% of face value of liquid security or surrender value in case of Life Insurance Policies.
3) Minimum Loan Rs.50,000/-.
4) Maximum Term up to 20 Years
5) This loan can be clubbed along with Home Loans
☞ Loans to Professionals for office for their Professional Practice
Loans to Professionals for office for their Professional Practice
Loans to Professional
Purposes : Purchase/ Extension/ Modification / Renovation of Commercial Premises for carrying on own Professional Practice & Purchase of Equipments.
Eligibility : Resident Indian Professionals. Loans can also be Sanctioned to Company or Partnership firm of such Professional.
Loan Term : 10 Years.
Repayment Mode : Equated Monthly Installments (EMI) - Monthly Rest..
Security :1. Equitable/ Registered Mortgage of the Premise for which the Loan is raised. 2. Demand Promissory Note. 3. Personal Guarantee of Directors / Partners, as Applicable. 4. In case of Companies, Registration of Charges in R.O.C.
Addl. Security : Hypothecation of Equipment, if financed
Rate of Interest : Contact nearest Area Office for details on the Interest rate
☞ Loan against the Property (LAP – Non retail Loan) –For Listed/Unlisted Companies and Loan against Rental Securitization
1) Under this scheme, the financial assistance is provided for companies-Listed/Unlisted against the security of Commercial property – Office premises - already owned/to be purchased with the help of the loan
2) The loan amount may be utilized for repayment of existing loans (including takeover)/ Purchase of fixed assets etc.
3) Loan is provided for the properties which is completed in all respects.
4) Maximum Term offered :- 10 Yrs
Deposits
SANCHAY (Public Deposit scheme)
SANCHAY is the name of Public Deposit scheme offered by LIC Housing Finance Limited. The company started accepting deposits from May, 2007.
The rate of interest under the Sanchay Public Deposit Scheme is compounded and/ or payable half yearly.
Interest rates offered on amounts held as fixed deposits with LIC Housing Finance Ltd.
The procedure to apply for a fixed deposit account with LIC Housing Finance Ltd. is simple and easy to do
Interest Rates:
☞ Interest Rates (Deposits)
Interest Rates
| RATE OF INTEREST | : | The Company has revised the rates of interest on Public Deposits with effect date from 01st September, 2017 as under. |
| RATE OF INTEREST APPLICABLE TO RETAIL DEPOSIT UP TO RS. 5 CRORE | |||
| Term | Revised ROI per annum on Deposits from General Public | Revised ROI per annum on Deposits from Senior Citizens up to Rs. 50,000/- | Revised ROI per annum on Deposits from Senior Citizens above Rs. 51,000/- upto Rs. 5 cr |
| 1 YEAR | 7.30% p.a. | 7.40% p.a. | 7.55% p.a. |
| 18 MONTHS | 7.35% p.a. | 7.45% p.a. | 7.60% p.a. |
| 2 YEAR | 7.40% p.a. | 7.50% p.a. | 7.65% p.a. |
| 3 YEAR | 7.45% p.a. | 7.55% p.a. | 7.70% p.a. |
| 5 YEAR | 7.45% p.a. | 7.55% p.a. | 7.70% p.a. |
| Interest is Payable/Compoundable Annually. | |||
| FOR DEPOSIT MORE THAN RS. 5 CRORE | ||||||||||||||||||||||||||
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| CORPORATE DEPOSIT SCHEME |
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Deposits upto RS. 5 CRORE Cumulative / Non - Cumulative scheme |
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| Term | INTEREST RATE P.A. |
10,000/- WILL BECOME (cumulative scheme) |
|
| 1 YEAR | 7.30% p.a. | 10,730/- | |
| 18 MONTHS | 7.35% p.a. | 11,130/- | |
| 2 YEAR | 7.40% p.a. | 11.535/- | |
| 3 YEAR | 7.45% p.a. | 12,406/- | |
| 5 YEAR | 7.45% p.a. | 14,323/- | |
| Under Non-Cumulative Deposit Scheme, Interest will be payable on 31st March & under Cumulative Deposit Scheme, interest will be compounded annually. | |||
