LIC Home Loan Eligibility Calculator India Feb 2018

Last Updated 08th Feb 2018

LIC Housing Finance Home Loan Eligibility Criteria

Eligibility CriteriaLIC Housing Finance Home Loan
Eligible Age of Borrower21 - 60 years
Loan Amount EligibilityRs. 1 Lakh to Rs. 5 Cr
Maximum loan as percent of property valueUpto 80%
Maximum EMI as percent of incomeUp to 65%
Home Loan Eligibility Calculator

LIC home loan eligibility based on age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. To be eligible for LIC Housing Finance home loan, you must be at least 21 years of age at the time of loan commencement. LIC Housing Finance offers home loans for a maximum period of 30 years subject to the condition that the borrower’s age at the end of the tenure must not exceed 30 years for salaried borrowers and 30 years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
Your current age Max tenure for salaried Max tenure for self employed
25 years30 years30 years
30 years30 years30 years
35 years25 years30 years
40 years20 years25 years
45 years15 years20 years
50 years10 years15 years

LIC home loan eligibility based on income

  • Net Income: Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMI you are capable of paying after meeting living expenses based on your standard of living. For instance, if your net monthly income is Rs 70,000 and the value of house you are buying is Rs. 50 lakh, then at 8.50% interest rate offered by LIC Housing Finance, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
Age Net Monthly Income (Rs.)
50,000 75,000 1 Lakh
25 years42.27 Lakh 63.40 Lakh 84.53 Lakh
30 years42.27 Lakh 63.40 Lakh 84.53 Lakh
35 years40.36 Lakh 60.54 Lakh 80.72 Lakh
40 years37.45 Lakh 56.18 Lakh 74.90 Lakh
45 years33 Lakh 49.51 Lakh 66.01 Lakh
50 years26.21 Lakh 39.32 Lakh 52.43 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your LIC Housing Finance home loan eligibility.

  • Nature of Employment: LIC Housing Finance will check whether you are salaried or self employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. LIC Housing Finance requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self employed individuals.

Home loan eligibility LIC Housing Finance based on value of property

  • Value of property: LIC Housing Finance will not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 lakh90%
Between 30 lakh and 75 lakh80%
Above 75 lakh75%
  • Co-applicant: Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.

LIC housing loan eligibility based on CIBIL score

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. Banks consider this as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. When checking eligibility for home loan, LIC Housing Finance will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from LIC Housing Finance will get approved. However, low CIBIL score will decrease your eligibility to get home loan. LIC Housing Finance requires a minimum credit score of 650 to be eligible for a home loan.

There are few factors which affect your credit score -

  • Late payments – If you have delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from LIC Housing Finance
  • High number of unsecured loans – Always keep a balance between secured and unsecured loans. More number of unsecured loans can adversely affect your credit score.
  • Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent withdrawals up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from LIC Housing Finance, improve your credit worthiness to get a good score.

LIC house loan eligibility based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter that LIC Housing Finance uses to determine your LIC Housing Finance home loan eligibility. LIC Housing Finance takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for home loan from LIC Housing Finance is 0.65. Calculate your eligibility with LIC Housing Finance home loan calculator and apply for eligible loan amount hassle free.

LIC Home Loan News - Feb 2018
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.
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