LIC Home Loan Eligibility Calculator India Feb 2017

LIC Housing Finance Home Loan Eligibility Criteria

Last Updated 20th Feb 2017
Eligibility Conditions SalariedSelf Employed
Age 21 to 60 years 21 to 65 years
Maximum Loan Amount Rs. 50,000,000 Rs. 50,000,000
Maximum LTV 80% 80%
Rate of Interest - linked to PLR 9.8% 9.8%
EMI Per Lakh Rs. 863 Rs. 863
Home Loan Eligibility Calculator
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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 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 years 30 years 30 years
    30 years 30 years 30 years
    35 years 25 years 30 years
    40 years 20 years 25 years
    45 years 15 years 20 years
    50 years 10 years 15 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 9.8 % 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 75,000 100,000
    25 years 4,226,743 6,340,115 8,453,487
    30 years 4,226,743 6,340,115 8,453,487
    35 years 4,036,129 6,054,193 8,072,257
    40 years 3,745,002 5,617,503 7,490,005
    45 years 3,300,365 4,950,548 6,600,730
    50 years 2,621,270 3,931,905 5,242,541
    You may consider repaying any loans with short tenure and high EMI in order to increase your home loan eligibility.
  • Nature of Employment: LIC Housing Finance will check whether you are salaried or self employed an 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.
  • LIC home loan eligibility 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 lakh 90%
    Between 30 lakh and 75 lakh 80%
    Above 75 lakh 75%
  • 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.
  • CIBIL Score: When checking eligibility for home loan, LIC Housing Finance will look at the complete CIBIL report. LIC Housing Finance will check your repayment history for all current and past loans and credit cards.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.
LIC Home Loan Eligibility Calculator News - Feb 2017
17th Jan 17 LIC Housing Finance registers a 19 percent growth in its net profit in third quarter of FY 17
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.
18th Jul 16 LIC Housing Finance reports Rs 408 crore profit
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.
19th Apr 16 LIC Housing Finance Q4 PAT up to Rs 448 Cr
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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