Cheat bank, charges are very high interest rates are very high
LIC Housing Finance Home Loan Availed in May 2012
I regret my decision for opting LIC housing. They charge you so high that i feel cheated. They never inform you on rate change. Their PLR never changes. They charge you high for revision. Their interest rate will remain always 0.5% higher then all other banks. Never go for LIC for home loanMoreLess
Srihari Pokalkar, Hyderabad
Reviewed on 23rd Nov 15
1.5 / 5 stars
Cheats borrowers by approving loan only on Fixed Rate of Interest for 2 years
LIC Housing Finance Home Loan Availed in Dec 2014
LIC Housing Finance intentionally approves the home loans to the eligible borrowers on the fixed rate of Interest for 2 years without even giving / explaining the option of Floating / Fixed rate of Interest.
Borrower assumes that LICHFL is doing a great service as the Interest rate is quite reasonable and he blindly chooses the LICHFL for buying his dream house. Initially at the time of property valuation in collision with Engineers they under value the property and sanction the loan and state that top up loan can be availed after couple of months.
It is obvious when the property is undervalued you will not get the required amount and when we approached them for the top up loan for interiors / repairs they state that though you are eligible for higher loan but they we will be able to provide you only a small amount and when we ask why the property was undervalued and sanctioned loan was less then they advise you to move to some other financial institution and if you want to move to other bank then they are asking us to pay the 2% on outstanding balance because the loan sanctioned was on Fixed Rate of Interest. Based on this I would like to tell the facts about the lichfl
From the beginning of application - Agents or brokers are attached to you who are hardly able to explain the details or conditions of loan
No one makes visit to the property for inspection or valuation as happened in my case and the Agent takes the photographs of the property and submits them to lichfl and Property Valuer gives report based on his own assumption and we can manipulate anything because corruption is so much rampant in lichfl.
LICHFL intentionally puts the borrower under fixed rate for 2 years instead of 6 months and without even explaining the option of floating rate and this is nothing but a cheating and against the fair practice code which is written on its website.
lichfl does not bother to service the customer as no one is there is to explain or resolve the problem and frankly asks to move out by paying the 2% on outstanding loan balance as they have clearly achieved their business targets and have got the bonus.
I do not know how to get the justice because lichfl does not come under the RBI but NHB which clearly says that financial institution (lichfl) and the borrower is responsible for the deeds. NHB and LICHFL higher officials are not bothered to do any justice to the borrowers. When RBI passes the guidelines to the banks it usually says that there is no pre-closure charges for floating rate and I donot know why RBI does not allow or waive off the pre-payment charges on home loans on fixed rate of interest so that it helps lakhs of borrowers who are at the mercy of financials institutions such lichfl which demands 2% as pre-closure on outstanding loan for transfer to other banks. Request to please do justice as the borrower is borrower either the home loan on fixed rate or floating rate why this discrimination. Thanks MoreLess
Sanjay Tiwari, Bhiwadi
Reviewed on 23rd Nov 15
3 / 5 stars
Change Interest rate on higher side
LIC Housing Finance Home Loan Availed in Dec 2013
I have applied for a home loan in dec 2013 and at that time the rate of interest was decided @ 10.25% with floating rate. Now 3 months before LICHFL has change the interest rate @ 12% without any information. They have increased the EMI and now asking for a fees of Rs. 1000/- + service tax to get it reduced. This is a harassment for consumer. MoreLess
Reviewed on 15th Apr 15
2.3 / 5 stars
LIC Housing Finance Home Loan Availed in Mar 2014
Decided to go with LIC Housing as it is owned by LIC, a government company. Got a good home loan at interest rate of 10.75%. But after sales is not at par and when the rates came down, did not get much benefit of rate cut. Not sure as to what factors change their rate.MoreLess
LIC Housing Finance has reported an increase of 19 per cent in its net profit at Rs. 499 core for third quarter ending on 31st December, 2016 as compared to Rs. 419 crore for the corresponding period a year ago. Non performing assets of the company have declined to 0.56 percent from 0.58 percent during the same period a year ago.
LIC Housing Finance has reported an increase of 15 per cent in its loan disbursements at Rs. 9, 684 crore during October to December quarter of FY17 as compared to Rs. 8, 422 crore for the same quarter last year. The housing finance company has also registered a 15 per cent growth in disbursements for loan against property at Rs. 1, 35, 366 crore in the third quarter of FY17 as compared to Rs. 1, 17, 396 crore in the same quarter a year ago.
LIC Housing Finance reported a marginal 7 per cent growth in net profit at Rs 408 crore in the quarter ended June due to higher provisioning. Net interest margins improved to 2.61 per cent from 2.41 per cent in the same period last year. Total income was Rs 3380 crore as against Rs 2965 crore during the same period previous year. The company took additional provisioning to the tune of Rs 90 crore due to aging of some NPAs in the project loans and hence provisions remained higher at Rs 116.5 crore.
Japanese firm Nomura has exited from its JV with LIC Mutual Fund. LIC Nomura Mutual Fund is again being positioned as LIC Mutual Fund. There are now two new partners in LIC Mutual fund, they are GIC Housing Finance and Corporation Bank with 11.7 per cent and 4 per cent stake, respectively. Meanwhile, the existing partner LIC Housing Finance has picked up another 19.3 per cent stake to reach 39.3 per cent in the company. The rest 45 per cent is owned by the parent firm Life Corporation of India.
LIC Housing Finance reported an 18.5% rise in its standalone net profit for the quarter ended March to Rs 448.02 Cr on the back of a rise in loan disbursement and improved operating performance. The company total income from operations for the quarter stood at Rs 3246 Cr, up over 14%. Income rose faster than expenses, which rose slightly over 12% to Rs 2579.67 Cr, thereby lifting the lender operating profit margin. The company earnings before interest, tax depreciation and amortization margin rose by 121 basis points year on year to 20.61% for the quarter.
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