LIC Loan Against Property Eligibility

Last Updated 12th Apr 2018

LIC Housing Finance Loan Against Property Calculator India Apr 2018

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower - years - years
Maximum Loan Tenure years years
Eligible Monthly Income Rs. 0 Rs. 0
Minimum Work Experience
Eligible property Self occupied/ rented/ vacant Self occupied/ rented/ vacant
Loan Against Property Eligibility Calculator

LIC Housing Finance loan against property eligibility based on age
  • Age: LIC Housing Finance considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from LIC Housing Finance, one has to be of atleast years of age. The maximum age for loan from LIC can be years for salaried . LIC Housing Finance eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your current age Max tenure for salaried Max tenure for self employed
25 Years - -
30 Years - -
40 Years - -
50 Years - -
60 Years - -

LIC Housing Finance Mortgage loan eligibility based on income

  • Net Income: The amount of loan you can avail is a function of your net income. LIC Housing Finance typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For e.g. if your net monthly income is Rs. 70,000 and you take a mortgage loan of Rs. 50 lakh at % interest rate offered by bank, 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

    You may consider repaying any loans with short tenure and high EMI in order to increase your LIC Housing Finance loan against property eligibility.

  • Nature of Employment: LIC Housing Finance will check whether you are salaried or self employed. 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 years for salaried individuals and of years for self employed individuals.

LIC Housing Finance Loan against property eligibility based on value of property

  • Value of property: LIC Housing Finance does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth Rs. 20 lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth Rs. 20 lakh will fetch the highest loan amount of Rs. 0 .
    Property Type LTV Property Value Maximum Loan Amount
  • Co-applicant: In order to enhance the eligibility of a loan with LIC Housing Finance, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of LIC Housing Finance

LIC Housing Finance property loan eligibility based on CIBIL score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. LIC Housing Finance requires a minimum credit score of LIC Housing Finance credit score to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from LIC Housing Finance.

Late payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from LIC Housing Finance.

High number of unsecured loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.

Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.

Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from LIC Housing Finance, improve your credit worthiness to get a good score before putting in an application in another bank.

LIC Housing Finance Mortgage loan eligibility based on FOIR

LIC Housing Finance calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. LIC Housing Finance will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 0% to get a mortgage loan from LIC Housing Finance. Always calculate your eligibility with LIC Housing Finance mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

Frequently Asked Questions

What factors determine the eligibility criteria of property loan from LIC ?

The factors that determine the eligibility criteria of LIC Housing Finance property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged
What should be the minimum net monthly income of the customer to get LIC Housing Finance mortgage loan?

The minimum income for salaried employee to get loan against property should be Rs. 0 per month.

What is the minimum and maximum age required for LIC Housing Finance loan against property?

The minimum age of the applicant should be years and maximum should be years for loan against property from LIC.

What is the tenure of LIC property loan?

LIC Housing Finance offers property loan for a tenure upto years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from LIC Housing Finance up to % of the market value of the property.

Compare Property Loan Eligibility of All Banks

LIC Loan Against Property News - Apr 2018
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