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LIC Home Loan Eligibility Calculator

LIC Housing Finance Home Loan Eligibility in India 2021

Last Updated 12th Jul 2021

Eligibility CriteriaLIC Housing Finance Home Loan
Eligible Age of Borrower21 - 60 years
Minimum Eligible Income ₹ 25,000 and above
Work Experience for Salaried2 years
Business Stability for Self Employed2 years
  • LIC Housing Finance home loan eligibility is dependent on factors like your age, income, property value and repayment capacity.
  • LIC calculates the amount of home loan you are eligible for using a formula that includes your net take home salary, the EMIs you have to pay and the value of property.
  • You can increase your eligibility to get a housing loan from LIC Housing Finance by adding earning family members as co-applicants or by applying for a longer tenure loan.
Home Loan Eligibility Calculator

LIC Home Loan Eligibility

LIC offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. LIC housing loan eligibility is based on factors like age, salary, occupation, property type and credit score. Detailed information on these factors is mentioned in the further sections.

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. The minimum age limit to get LIC Housing Finance home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. 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 60 of tenure.

LIC Home Loan Eligibility based on Salary

  • Net income: Your net monthly income determines how much LIC Housing Finance home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.75% offered by LIC Housing Finance, the loan amount that you will be eligible for would be ₹ 28,41,809 to ₹ 50,57,367 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 56,83,619 to ₹ 1,01,14,733 for the same property at the same rate depending on your age at the time of loan application. However, LIC Housing Finance asks for a net monthly income of ₹ 25,000 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years50.57 Lakh75.86 Lakh1.01 Cr
30 years50.57 Lakh75.86 Lakh1.01 Cr
35 years47.43 Lakh71.14 Lakh94.86 Lakh
40 years43.05 Lakh64.57 Lakh86.09 Lakh
45 years36.93 Lakh55.40 Lakh73.87 Lakh
50 years28.42 Lakh42.63 Lakh56.84 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 2 years for salaried individuals and of 2 years for self-employed individuals.

Home Loan Eligibility LIC Housing Finance based on Value of Property

  • Value of property: LIC Housing Finance does 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%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the LIC Housing Finance's legal team.

The housing loan eligibility calculator of LIC Housing Finance can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for LIC Home Loan

  • CIBIL Score: LIC considers credit score 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. Higher credit score increases your chances to get loan approval from LIC However, low CIBIL score reduces your chances to get a home loan. LIC requires a minimum credit score of 650 to be eligible for a home loan.

LIC Housing Loan Eligibility Calculator based on FOIR

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

LIC Housing Finance Home Loan for Women Eligibility

LIC Housing Finance offers the same rates to women borrowers starting at 6.75% with similar eligibility criteria for home loan. In case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

How can I Check my LIC Home Loan Eligibility ?

To check LIC Housing Finance home loan eligibility perform the following steps:-

  • Go to the LIC Housing Finance website
  • Now navigate to the option LIC Housing Finance home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also you can contact the bank by calling on their customer care number .

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What is the criteria to get LIC Housing Finance home loan?

The basic criteria to get a home loan from LIC Housing Finance are as following:

Age21 - 60 years
Income ₹ 25,000
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from LIC Housing Finance?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from LIC Housing Finance?

The minimum salary required to avail home loan from LIC Housing Finance is ₹ 25,000.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in LIC Housing Finance.

Is LIC Housing Finance good for home loan?

The lowest interest rate provided by LIC Housing Finance is 6.66% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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LIC Home Loan News - Jul 2021
  • 2021-07-06 : LIC Housing Finance vies for home loan pie with an interest rate cut
    LIC Housing Finance has cut its minimum home loan rate from 6.90% to 6.66%, signalling its intent to join the battle for market share based on low rates. This is a limited period offer applicable to loans sanctioned till August 31, 2021, provided the first disbursement takes place before September 30, 2021. This interest rate is available on tenures of up to 30 years. It will apply to loan amounts of up to Rs 50 lakh offered to salaried individuals.
  • 2021-03-30 : LICHFL to waive off 6 EMIs under Griha Varishta
    LIC Housing Finance announced that it will waive off the 6 EMIs for its customers under the home loan product, Griha Varishta. The waiver will be offered against the 37th, 38th, 73rd, 74th, 121st and 122nd EMIs when they become due, and adjusted against the outstanding principal. Griha Varishta is a product that caters to retired or serving employees of public sector insurers, central and state government, railways, defence and banks, among others.
  • 2021-03-03 : LIC Housing Finance disbursed Rs. 1,331 crore of loans via mobile app
    LIC Housing Finance reported that it disbursed RS. 1,331 crore worth loans through its mobile banking app, Homy in the last one year. The bank reported that the app facilitated 14,155 customer home loan applications since its launch on February 14 2020.
  • 2020-08-26 : LIC Housing Finance reported a net profit of Rs. 824.08 crore in Q1FY21
    LIC posted a net profit of Rs.824.08 crores for the period ended June 30, 2020, as against a net profit of Rs.424.31 crores for the period ended March 31, 2020. Further, It reported total income of Rs.4986.01 crores aided by retail loans like home, personal, gold, two-wheeler, car, along with business and mudra loans.
  • 2020-04-30 : LIC Housing Finance revised its home loan rates
    The revised rate of LIC Housing Finance for salaried individuals ranges from 7.50% to 8.70%. Further, the rate for non-salaried and professionals ranges from 7.50% to 8.85%. The revised rates are in effect from 22 April 2020.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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