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LIC Housing Finance Home Loan Balance Transfer

Home Loan Transfer to LIC Housing Finance

Last Updated 30th Mar 2021

Interest Rate6.90%
Processing Fee₹ 10,000
Lowest EMI per lakh₹ 659
Loan Tenure30 years
  • LIC Housing Finance offers home loan balance transfer facility at low interest rates starting at 6.90% for a tenure of upto 30 years.
  • Transfer home loan to LIC Housing Finance to reduce EMIs and save more on interest.
  • Avail top up from LIC Housing Finance at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

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 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.

Home Loan Rates 6.75%
Processing Fees Minimum ₹ 10,000 and Maximum ₹ 15,000
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of LIC Housing Finance Home Loan Transfer

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.

Eligibility for LIC Housing Finance Home Loan Transfer

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

  • You must have an existing home loan with any bank except for LIC.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to LIC Housing Finance.
  • You must be an Indian resident and fulfil the age criteria of LIC Housing Finance. The minimum & maximum age to avail a LIC Housing Finance home loan is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of LIC Housing Finance Home Loan Transfer

Here are key features of LIC Housing Finance Home Loan Transfer:

  • Lower Interest Rates: LIC Housing Finance offers lower home loan rates starting at 6.75% 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 & fulfil the eligibility criteria of LIC Housing Finance, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With LIC Housing Finance home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the LIC Housing Finance.

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
  • Aadhar 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 6.90%.

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 place your request through net banking/mobile banking. LIC Housing Finance also allows the home loan transfer facility through phone banking by calling 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 such as ₹ 10,000 for LIC Housing Finance home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

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, LIC Housing Finance home loan balance transfer 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 - Jun 2021
  • 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.
  • 2020-01-31 : LIC Housing Finance Q3 net profit surged by 26%
    LIC Housing Finance reported an increase in net profit by 26% to Rs. 596 crores for Q3 of current FY. The Total Income stood at Rs. 4439 crores driven by an increase in home loans. Further, Net Interest Income rose to Rs. 4414 crores which was Rs. 3586 crores in the same quarter a year ago.
*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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