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LIC Loan Against Property Eligibility Calculator

Loan Against Property Eligibility LIC Housing Finance

Last Updated 23rd Jun 2022

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 65 years
Maximum Loan Tenure 15 years 15 years
Eligible Monthly Income ₹ 25,000 ₹ 25,000
  • LIC Housing Finance loan against property is calculated based on your age, income, property value and repayment capacity.
  • Use MyLoanCare Loan against property eligibility calculator to calculate your eligibility for SBI loan against property online without any hassles.
  • You can increase your LIC mortgage loan eligibility by adding earning family members, business firms and companies' owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

LIC Housing Finance Loan Against Property Eligibility

LIC Housing Finance allows you to fund immediate or urgent needs with a loan against property. LIC Housing Finance loan against property is a secured loan that does not have any end usage restrictions. The bank offers different types of mortgage schemes at affordable rates to eligible salaried and self-employed individuals. LIC Housing Finance loan against property eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:

LIC Housing Finance Loan Against Property Eligibility Based on Age

    LIC Housing Finance considers your age as one of the important parameters to calculate your LIC Housing Finance property loan eligibility. To be eligible for availing a loan from LIC Housing Finance, one has to be of 21 years of age. The maximum age for loan from LIC can be 60 years. LIC Housing Finance eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. For instance, if your current age is 25 years, you can avail the maximum loan for 15 years and if your age is near retirement, say 60 years, you can avail the loan for lesser tenure.

LIC Housing Finance Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. LIC Housing Finance typically applies a multiplier of up to 60 times on the monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by LIC Housing Finance to approve a property loan is ₹70,000. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.40% 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 (₹)
    50,000 75,000 100,000
    25 years 0 0 0
    30 years 0 0 0
    35 years 0 0 0
    40 years 0 0 0
    50 years 0 0 0
  • 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 requires minimum income history and job stability of more than 2 years for salaried individuals and of 3 years for self-employed individuals.

LIC Housing Finance Property Loan 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. You can get a maximum of 70% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 14 Lakh. The percentage of LIC Housing Finance loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 65% ₹ 20 Lakh ₹ 13 Lakh
    Residential Property 70% ₹ 20 Lakh ₹ 14 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with LIC Housing Finance, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the loan amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you 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 Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. LIC Housing Finance requires a minimum credit score of 650 to be eligible for a property loan.

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. Always calculate your eligibility with the LIC Housing Finance mortgage loan calculator to estimate your eligible loan amount before applying for a loan and reduce the chances of getting your loan application rejected.

How to Calculate LIC Housing Finance Loan Against Property Eligibility?

You can check SBI Loan against Property eligibility online using MyLoanCare Eligibility calculator using the steps mentioned below:

  • Fill in the required details like name, mobile number, income etc in Loan against property eligibility calculator form and click on ‘Check Eligibility’.
  • Complete OTP authentication by entering OTP received on the entered mobile number.
  • Enter additional details about your profession, the reason for taking a home loan, and your current work experience.
  • Verify all the details and click ‘Get Offers’.
  • You can now view the multiple banks for which you are eligible based on the details filled in by you.
  • You can choose the bank after a complete comparison, or a MyLoancare advisor will contact you in a while to assist you with the process.

LIC Housing Finance Loan Against Property Schemes Eligibility

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

Loan Against Residential Mortgage
  • You can avail a loan against your residential property for a minimum loan amount of Rs 2 Lakhs.
  • Loans for professionals for commercial use is available for a tenure up to 10 years.

Documents Required for LIC Housing Finance Loan on Property

To avail LIC Housing Finance loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

Compare the Eligibility Criteria of Top Banks

FAQs

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

Am I eligible for LIC loan against property if my salary is 20000?

The minimum income for salaried employees to get a loan against property should be ₹ 25,000 per month. It is difficult to get approval for the loan, however if your CIBIL is high, you may negotiate with the bank or add an co-applicant to improve your eligibility.

What should be the minimum net monthly income of the customer to get LIC Housing Finance mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 25,000 per month. If you do not meet the eligibility criteria you can increase income eligibility by adding a co-applicant and maintaining a good cibil score above 650.

What is the tenure of an LIC property loan?

LIC Housing Finance offers property loans for a tenure upto 15 years. However, the longer the loan tenure, the higher will be the eligibility. Also, higher loan tenure means a higher rate of interest.

How much LIC Housing Finance mortgage loan can be availed by the applicant?

You can avail mortgage loan from LIC Housing Finance up to 70% of the market value of the property against an residential property whereas you can avail up to 65% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from LIC Housing Finance if I am not an LIC Housing Finance customer?

Yes, you can get a loan against property from LIC Housing Finance if you are not an LIC Housing Finance customer. However, you can get a competitive interest rate if you are already a customer of a bank.


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LIC Loan Against Property News - Jun 2022
  • 2021-07-05 : LIC Housing Finance revised its LAP interest rates
    With effect from July 01 2021, LIC Housing Finance has revised its interest rates for Loans Against Property. The interest rate is capped at 8.50% to 11%, while the processing fees is kept at 0.75% of the loan amount.
  • 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.
  • 2019-05-06 : LIC Housing Finance Q4 net up 17% on strong loan growth
    Mortgage lender, LIC Housing Finance has reported a 17% growth in its net profit during the last quarter of FY19. The housing finance company had a net profit of Rs. 693.58 crore in Q4 of FY19 as compared to Rs. 594.34 in the same quarter last fiscal. Loan disbursements are up by 7% to Rs. 18,648 crore from Rs. 17,402 crore a year ago. In addition, the individual home loan segment saw an 18% growth in Q4 of FY19.
  • 2017-01-17 : LIC Housing Finance registers a 15 percent growth in its loan disbursements in third quarter of FY 17
    LIC Housing Finance has reported an increase of 15 per cent in its loan disbursements at Rs. 9, 684 crore during October to December quarter of FY17 as compared to Rs. 8, 422 crore for the same quarter last year. The housing finance company has also registered a 15 per cent growth in disbursements for loan against property at Rs. 1, 35, 366 crore in the third quarter of FY17 as compared to Rs. 1, 17, 396 crore 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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