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LIC Home Loan Interest Rates 2022

LIC Housing Finance Housing Loan Interest Rate -Today

Last Updated 14th Dec 2021

Loan AmountLIC Housing Finance Home Loan Floating Rate
Upto ₹ 40 Lakh6.66%
₹ 40 Lakh - ₹ 50 Lakh6.66%
₹ 50 Lakh - ₹ 1 Cr6.66%
Above ₹ 1 Cr6.66%
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

LIC Housing Finance Home Loan Rate

LIC Housing Finance offers home loans to both salaried individuals and self-employed at a minimum rate starting at 6.66% up to 6.66%. Apart from the interest rate, the bank also has various other charges such as LIC Housing Finance processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

LIC Housing Finance Home Loan Processing Fee and Other Charges

LIC Housing Finance charges a minimum processing of ₹ 10,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees minimum processing fee of ₹ 10,000
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on LIC Home Loans Schemes

LIC Housing Finance offers a housing loan interest rate at 6.66%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, LIC Housing Finance home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

Below-mentioned are LIC Housing Finance home loan rates for multiple housing schemes.

LIC Housing Finance Home Loan Scheme Interest Rates
LIC Housing Home Loan Balance Transfer6.66%
LIC Housing Finance Home Loan Floating6.66%
LIC Home Loan for Pensioners6.90% - 7.80%

LIC Home Loan Interest Rate for Salaried and Self-Employed

The home loan interest rates in LIC for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 40 Lakh 6.66%
₹ 40 Lakh - ₹ 50 Lakh 6.66%
₹ 50 Lakh - 1 Cr 6.66%
Above ₹ 1 Cr 6.66%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 40 Lakh 6.66%
₹ 40 Lakh - ₹ 50 Lakh 6.66%
₹ 50 Lakh - 1 Cr 6.66%
Above ₹ 1 Cr 6.66%

LIC Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount LIC Home Loan Rate For Women LIC Home Loan Rate For Govt Employee
Upto ₹ 40 Lakh 6.66% 6.66%
₹ 40 Lakh - ₹ 50 Lakh 6.66% 6.66%
₹ 50 Lakh - 1 Cr 6.66% 6.66%
Above ₹ 1 Cr 6.66% 6.66%

LIC Home Loan Balance Transfer Interest Rates

LIC Housing Finance home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to LIC Housing Finance at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, LIC Housing Finance offers the loan balance transfer rate of 6.50%.

Illustration on Home Loan Interest Rate LIC Housing Finance
Maximum Annual Percentage Rate (APR) 6.66% to 6.66%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • LIC Housing Finance Home Loan Interest Rate: 6.66% to 6.66%
  • Processing Fee payable to: NIL
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 643 for 30 Years ₹ 1,00,000 loan at 6.66% (lowest rate, longest time period) to ₹ 1,964 for 5 Years ₹ 1,00,000 loan at 6.66% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.66% to 6.66%
  • Total cost payable over loan tenure: ₹ 1,17,847 for 5 Years loan to ₹ 2,31,347 for 30 Years loan

FAQs

Has LIC reduced home loan rates?

As per the current rates, LIC has cut its home loan rates by 0.24% from 6.90% to 6.66%, which is one of the best rates in the market. The new rates are effective from 06 Jul, 2021.

Why should I opt for balance transfer to LIC Housing Finance?

LIC Housing Finance offers lowest Home Loan EMI of ₹ 643 per lakh availed at the lowest interest rate 6.66% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 643 per lakh, you should consider the option for a loan transfer to LIC from your existing bank. Current LIC balance transfer rate is 6.50%.

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
1Up to ₹ 20 Lacs15%
2Above ₹ 20 Lacs to upto ₹ 75 Lacs20%
3Above ₹ 75 Lacs25%

Can LIC Housing Finance housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with LIC to lower the home loan rates. Apart from the home loan rates, you can also negotiate over the processing fee.

Can LIC revise the home loan interest rates for their existing customers?

Yes, LIC offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does LIC offer a concessional home loan interest rate for women?

Yes, LIC offers special home loan interest rates for women. As against LIC home loan rates for male which is 6.66%, the home loan interest rate for women starts at %.

What is the LIC home loan rate of ₹ 25 Lakh for 15 years?

For home loan upto ₹ 25 Lakh, LIC provides home loan interest rate starting at 6.66%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

At what interest rate does an LIC employee get a home loan?

LIC offers concessional home loan rates of about 1% than the current home loan rates to LIC employees.

Is LIC Housing Finance home loan a floating rate loan or fixed-rate loan?

LIC home loan is offered at both fixed and floating rates. In the case of the fixed-rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the LIC home loan rate today ?

LIC home loan rate today is in the range of 6.66% to 6.66%.The bank also charges a processing fee of upto Minimum ₹ 10,000 of the home loan amount.

How much interest does LIC take on home loans?

The rate of interest on LIC home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, LIC home loan current interest rate 2021 are in the range of 6.66% to 6.66%.


LIC Housing Finance Home Loan Reviews 3.9/5  by 11 customers
MyLoanCare Service
4.2/5.0
Banks Service
3.5/5.0
Murali, Tiruvallur
Reviewed on 26th Aug 2021
5 / 5 stars
LIC Housing Finance Home Loan Availed in Mar 2021

Very good. The customer executive was very good. I will suggest to others.Read more...

Pusarla, Kanchipuram
Reviewed on 19th Mar 2021
5 / 5 stars
LIC Housing Finance Home Loan Availed in Jan 2021

Very quick and professional followup by MyLoanCare. Surprisingly, their followup started at a pre-loRead more...

amal, Delhi
Reviewed on 03rd Mar 2021
5 / 5 stars
LIC Housing Finance Home Loan Availed in Feb 2021

They have given an excellent service. I will specifically say about Mr Rishiraj who has given an outRead more...

Vijay, Mumbai
Reviewed on 11th Feb 2021
5 / 5 stars
LIC Housing Finance Home Loan Availed in Feb 2021

Excellent service and good experience with customer care. Thank you for your support and service. Read more...

Sumit, Haldia
Reviewed on 03rd Feb 2021
5 / 5 stars
LIC Housing Finance Home Loan Availed in Dec 2020

Your service is excellent and very quick response from you team members.Read more...

Sandeep, Nashik
Reviewed on 18th Nov 2020
5 / 5 stars
LIC Housing Finance Home Loan Availed in Oct 2020

Great job.

Prince, Delhi
Reviewed on 05th Oct 2020
4 / 5 stars
LIC Housing Finance Home Loan Availed in Oct 2020

MyLoanCare provides good service and hope this will continue in future.Read more...

Mayur Thacker, Pune
Reviewed on 03rd May 2016
2 / 5 stars
LIC Housing Finance Home Loan Availed in May-17

I regret my decision for opting LIC housing. They charge you so high that i feel cheated. They neverRead more...

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LIC Home Loan News - Jan 2022
  • 2021-11-16 : LIC Housing Finance Increases Home Loan Rates
    LIC Housing Finance has revised the home loan interest rate from 6.00% to 6.66%. The processing fee is Rs 10,000 and maximum tenure is 30 years.
  • 2021-09-24 : LIC Housing Finance Announces New Home Loan Rates
    LIC Housing Finance has slashed the home loan rate to 6.66% for loans up to Rs 2 crore. These rates will be offered to the borrowers who have a credit score above 700 and it is valid till November 30, 2021.
  • 2021-09-07 : LIC Housing Finance Partners with IPPB for Home Loans
    India Post Payments Bank (IPPB) and LIC Housing Finance announced a strategic partnership for providing home loan products to over 4.5 crore customers of IPPB. IPPB will make LICHFL home loan products accessible to its customers pan-India.
  • 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.
*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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