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LIC Loan Against Property Eligibility

LIC Loan Against Property Calculator India Jun 2021

Last Updated 30th Mar 2021

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 offers Loan Against Property Rates at 8.50% p.a.
  • LIC Housing Finance loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your LIC mortgage loan eligibility by adding earning family members, business firms and companies owned 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 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 21 years of age. The maximum age for loan from LIC can be 60 years for salaried and 65 years for self employed. 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 15 Years 15 Years
30 Years 15 Years 15 Years
40 Years 15 Years 15 Years
50 Years 10 Years 15 Years
60 Years - 5 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 example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% 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 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 2 years for salaried individuals and of 3 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 ₹ 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.
    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, 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 650 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. 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.

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

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 ₹ 25,000 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 21 years and maximum should be 60 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 15 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 70% of the market value of the property.

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LIC Loan Against Property News - Jun 2021
  • 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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