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LIC Home Loan Interest Rate Oct 2017

Last Updated 28th Sep 2017

LIC Housing Finance Home Loan Interest Rates

Interest Rate 8.50% - 8.90%
Check Best Offers
Processing Fee Upto 0.50%
Max Tenure 30 years
Lowest EMI Rs. 769 per lakh
Prepayment, Foreclosure Charges Allowed with Nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Home Loan @ 8.35%*
Rs.
Rs.
+91

LIC Housing Finance Home Loan

LIC Housing Finance offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from LIC Housing Finance has the following benefits:

  • PAN India presence
  • Pay less EMIs for a tenure of 20-30 years
  • Easy loan process and quick approvals

Home Loan Interest Rates LIC Housing Finance

LIC Housing Finance offers attractive home loan rates in the range of 8.50% to 8.90%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.50%. Compare and click on details in the table to get slab wise interest rates of different LIC Housing Finance housing loan offers.

LIC Housing Finance Floating Rate Home Loans

Home Loan LIC Housing Finance Interest Rates
LIC Housing Finance Home Loan Floating 8.50%
Details -
LIC Housing Finance Home Loan Floating
Loan Amount Rate
Upto Rs. 2,500,000 8.50%
Rs. 2,500,001 - 10,000,000 8.50%
Rs. 10,000,001 - 30,000,000 8.50%
Above Rs. 30,000,000 8.50%

LIC Housing Finance home loan rate depends upon

  • Loan amount: Housing loan rate in LIC Housing Finance depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
  • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
  • Type of loan opted for: LIC Housing Finance also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.

Interest Rate and its impact on LIC Housing Finance Home Loan Eligibility

LIC Housing Finance has detailed criteria to determine a potential borrower’s eligibility for housing loans. These eligibility criteria determine the loan amount you can avail. Interest rate offer by LIC Housing Finance also impacts the amount of loan you can avail from LIC Housing Finance.
Some of the key eligibility criteria are summarized in the table below:

LIC Housing Finance Home Loan Eligibility Criteria
Interest Rate 8.50% - 8.90%
Age 21 - 60 years
Minimum Credit Score 650 and above
Loan Amount Rs. 100,000 to Rs. 50,000,000
Loan to Value Ratio Upto 80%
FOIR (Fixed Obligations to Income Ratio) Up to 0.65

Home Loan Charges Applicable (Other than Interest)

In addition to interest rates, home loan also carry some other charges which include:

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. LIC Housing Finance allows prepayment of house loan with Nil prepayment charges
  • Processing Fee - LIC Housing Finance charges a processing fee of 0.50% of loan amount with applicable tax
  • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

Home Loan LIC Products

LIC Housing Finance offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

LIC Housing Finance Home Loan Eligibility Calculator

LIC Housing Finance Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from LIC Housing Finance. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

LIC Housing Finance Home Loan EMI and Interest Calculator

Further, you can also use the LIC Housing Finance Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

  • EMI calculator of LIC Housing Finance helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on home loan
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the rate, higher will be the EMI. You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates. Home loan interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility
  • Loan tenure matters equally as higher tenure reduces your EMI

What are the benefits of calculating LIC Housing Finance Housing Loan EMI?

  • EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • LIC Housing Finance Home Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Housing Loan LIC documents required

For Salaried employee

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

For Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Frequently Asked Questions

What is LIC Housing Finance home loan interest rate?

LIC Housing Finance housing loan interest rates are 8.50% to 8.90% depending on eligibility, loan amount, loan tenure and type of property. If you are an existing customer with a salary account in the bank, then you are eligible to get low interest rates on loan.

What is LIC Housing Finance home loan processing fees?

LIC Housing Finance charges a home loan processing fees of up to 0.50% of the loan amount. Processing fees charged is between Rs. 0 to Rs.

What is LIC Housing Finance home loan procedure?

You can apply for a LIC Housing Finance home loan by contacting the bank directly or by approaching them through online marketplaces like myloancare.in. Approaching the bank through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.

Why to take home loan from LIC Housing Finance?

LIC Housing Finance offers housing loan at 8.50% rate with the lowest EMI of Rs. 769 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to LIC Housing Finance.

What is the maximum loan tenure I can opt under LIC Housing Finance house loan?

LIC Housing Finance offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.

Do I get tax benefit on home loan from LIC Housing Finance?

As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

Can I foreclosure my home loan? What are the charges applicable?

Yes, you can foreclose your loan with Nil charges.

Can I transfer my house loan from another bank to LIC Housing Finance?

Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to LIC Housing Finance offers you to pay lower EMIs and save money.

Can I club the income of my spouse with mine and apply for joint home loan?

You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for housing loan?

The benchmark applicable for home loan in LIC Housing Finance is PLR.

What is the effect of part payments on LIC Housing Finance housing loan EMI ?

Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

How to increase my eligibility on LIC Housing Finance housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

How will interest rate on LIC Housing Finance housing loan change in future?
  • Floating rate on LIC Housing Finance housing loan is linked to its PLR Rate, which is currently at 14.20%. When Bank offers a home loan at 8.50%, it applies a discount of 5.7% to its PLR Rate to arrive at this home loan rate.
  • When RBI increases rates, the bank may increase its PLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the PLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
Am I eligible for top up on my existing home loan?

LIC allows you to top up your existing home loan at any time during loan tenure.

How much margin would I have to pay on home loan?
S. NO. Loan Amount Margin
1 Up to Rs. 20 Lacs 15%
2 Above Rs. 20 Lacs to upto Rs. 75 Lacs 20%
3 Above Rs. 75 Lacs 25%

LIC Home Loan in India

LIC Housing Finance Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 1800-440-005, lichousing [at] lichousing [dot] com
Ahmedabad 1800-440-005, lichousing [at] lichousing [dot] com
Ambala 1800-440-005, lichousing [at] lichousing [dot] com
Anand 1800-440-005, lichousing [at] lichousing [dot] com
Aurangabad 1800-440-005, lichousing [at] lichousing [dot] com
Bangalore 1800-440-005, lichousing [at] lichousing [dot] com
Bhilai 1800-440-005, lichousing [at] lichousing [dot] com
Bhilwara 1800-440-005, lichousing [at] lichousing [dot] com
Bhiwadi 1800-440-005, lichousing [at] lichousing [dot] com
Bhopal 1800-440-005, lichousing [at] lichousing [dot] com
Bhubaneswar Cuttack 1800-440-005, lichousing [at] lichousing [dot] com
Bikaner 1800-440-005, lichousing [at] lichousing [dot] com
Chandigarh 1800-440-005, lichousing [at] lichousing [dot] com
Chennai 1800-440-005, lichousing [at] lichousing [dot] com
Cochin 1800-440-005, lichousing [at] lichousing [dot] com
Coimbatore 1800-440-005, lichousing [at] lichousing [dot] com
Dehradun 1800-440-005, lichousing [at] lichousing [dot] com
Delhi 1800-440-005, lichousing [at] lichousing [dot] com
Durg 1800-440-005, lichousing [at] lichousing [dot] com
Faridabad 1800-440-005, lichousing [at] lichousing [dot] com
Gandhinagar 1800-440-005, lichousing [at] lichousing [dot] com
Ghaziabad 1800-440-005, lichousing [at] lichousing [dot] com
Goa 1800-440-005, lichousing [at] lichousing [dot] com
Greater Noida 1800-440-005, lichousing [at] lichousing [dot] com
Gurgaon 1800-440-005, lichousing [at] lichousing [dot] com
Guwahati 1800-440-005, lichousing [at] lichousing [dot] com
Gwalior 1800-440-005, lichousing [at] lichousing [dot] com
Hyderabad 1800-440-005, lichousing [at] lichousing [dot] com
Indore 1800-440-005, lichousing [at] lichousing [dot] com
Jabalpur 1800-440-005, lichousing [at] lichousing [dot] com
Jaipur 1800-440-005, lichousing [at] lichousing [dot] com
Jalandhar 1800-440-005, lichousing [at] lichousing [dot] com
Jodhpur 1800-440-005, lichousing [at] lichousing [dot] com
Kanpur 1800-440-005, lichousing [at] lichousing [dot] com
Karnal 1800-440-005, lichousing [at] lichousing [dot] com
Kolhapur 1800-440-005, lichousing [at] lichousing [dot] com
Kolkata 1800-440-005, lichousing [at] lichousing [dot] com
Kota 1800-440-005, lichousing [at] lichousing [dot] com
Kozhikode 1800-440-005, lichousing [at] lichousing [dot] com
Lucknow 1800-440-005, lichousing [at] lichousing [dot] com
Ludhiana 1800-440-005, lichousing [at] lichousing [dot] com
Madurai 1800-440-005, lichousing [at] lichousing [dot] com
Meerut 1800-440-005, lichousing [at] lichousing [dot] com
Mehsana 1800-440-005, lichousing [at] lichousing [dot] com
Mohali Sas Nagar 1800-440-005, lichousing [at] lichousing [dot] com
Mumbai 1800-440-005, lichousing [at] lichousing [dot] com
Mussoorie 1800-440-005, lichousing [at] lichousing [dot] com
Nagpur 1800-440-005, lichousing [at] lichousing [dot] com
Nashik 1800-440-005, lichousing [at] lichousing [dot] com
Noida 1800-440-005, lichousing [at] lichousing [dot] com
Noida Extn 1800-440-005, lichousing [at] lichousing [dot] com
Panipat 1800-440-005, lichousing [at] lichousing [dot] com
Patna 1800-440-005, lichousing [at] lichousing [dot] com
Pondicherry 1800-440-005, lichousing [at] lichousing [dot] com
Pune 1800-440-005, lichousing [at] lichousing [dot] com
Raipur 1800-440-005, lichousing [at] lichousing [dot] com
Rajkot 1800-440-005, lichousing [at] lichousing [dot] com
Ranchi 1800-440-005, lichousing [at] lichousing [dot] com
Rohtak 1800-440-005, lichousing [at] lichousing [dot] com
Roorkee 1800-440-005, lichousing [at] lichousing [dot] com
Salem 1800-440-005, lichousing [at] lichousing [dot] com
Shimla 1800-440-005, lichousing [at] lichousing [dot] com
Sonepat 1800-440-005, lichousing [at] lichousing [dot] com
Surat 1800-440-005, lichousing [at] lichousing [dot] com
Trichy 1800-440-005, lichousing [at] lichousing [dot] com
Udaipur 1800-440-005, lichousing [at] lichousing [dot] com
Vadodara 1800-440-005, lichousing [at] lichousing [dot] com
Varanasi 1800-440-005, lichousing [at] lichousing [dot] com
Vijaywada 1800-440-005, lichousing [at] lichousing [dot] com
Vizag 1800-440-005, lichousing [at] lichousing [dot] com
Lic Housing Finance Home Loan Interest Rate
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