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LIC Home Loan Balance Transfer

Home Loan Transfer to LIC Housing Finance: Details

Last Updated 16th Nov 2021

Interest Rate6.66%
Processing Fee₹ 10,000
Lowest EMI per lakh₹ 643
Loan Tenure30 years
  • LIC Housing Finance offers a home loan balance transfer facility at low interest rates starting at 6.66% for a tenure of upto 30 years.
  • You can transfer your home loan to LIC Housing Finance to reduce EMIs and save more on interest.
  • Avail home loan top up from LIC Housing Finance at the time of loan balance transfer to fulfil additional fund requirements.
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LIC Home Loan Transfer

LIC, the largest HFC in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to LIC Housing Finance at the lowest interest rates. To transfer your housing loan to LIC Housing Finance, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of LIC.

LIC Housing Finance Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to LIC Housing Finance, compare and calculate all the costs of loan transfer. The table below mentions LIC Housing Finance home loan transfer interest rate and other home loan transfer charges of LIC Housing Finance.

LIC Home Loan Transfer Rates 6.66%
Processing Fees Minimum ₹ 10,000
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of LIC Housing Finance Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: LIC Housing Finance offers lower home loan rates starting at 6.66% along with ₹ 10,000 processing on home loans. Thus, you can save on your home loan by transferring your loan to LIC Housing Finance.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of LIC Housing Finance, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this LIC Housing Finance home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for LIC Housing Finance Home Loan Transfer

To transfer your home loan to LIC Housing Finance, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for LIC.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to LIC Housing Finance.
  • You must be an Indian resident within the age criteria of LIC Housing Finance. The minimum & maximum age to avail a LIC Housing Finance home loan takeover is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use LIC Housing Finance home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to LIC Housing Finance

The home loan balance transfer process to LIC Housing Finance is smooth and quick. To transfer your existing home loan to LIC Housing Finance, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to LIC Housing Finance upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to LIC Housing Finance and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • LIC Housing Finance will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to LIC Housing Finance will be completed.

Document Required for LIC Home Loan Transfer

To avail of home loan balance transfer from LIC, you need to submit the following documents to LIC.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to LIC?

Yes, transferring your home loan to LIC Housing Finance is a good idea for home loan borrowers as LIC Housing Finance provides lower home loan rates starting at 6.66%, and minimal processing fee Of ₹ 10,000.

How can I transfer my LIC home loan from one branch to another?

To transfer your LIC Housing Finance home loan from one branch to another, you can request through net banking/mobile banking. LIC Housing Finance also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for LIC home loan balance transfer?

Yes, LIC Housing Finance charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a LIC home loan balance transfer?

If you apply for a home loan transfer to LIC Housing Finance, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my LIC Housing Finance home loan balance transfer?

To know your LIC Housing Finance home loan status, you can call LIC Housing Finance home loan customer care number or visit LIC official website to check the status.


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LIC Home Loan News - Nov 2021
  • 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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