LIC HFL Home Loan Interest Rate

What is LIC HFL Home Loan Interest Rate?

LIC Housing Finance Limited is the most trusted home loan providing companies in India. The years of experience has made it easier for LIC to understand the needs of home buyers. You can apply for this loan if you match the eligibility criteria and have the documents required to apply for it.

LIC home loan interest rate is the lowest interest rates on home loans in India. There is also a special rate for women applicants and easy documentation facility for existing customers. There are different schemes under which LIC home loans are offered for resident Indians and Non-resident Indians.

For Resident Indians:

  • Purchase
  • Construction
  • Extension
  • Repairs/Renovation
  • Plot Purchase
  • Take over from other Institutions/Banks+Top Up

For Non-Resident Indians:

  • Purchase
  • Construction
  • Extension
  • Repairs/Renovation
  • Plot Purchase

LIC home loan interest rate 2017

The LIC home loan interest rate at is one of the lowest interest rates in India presently. The minimum interest rate on housing loan is 8.35% per annum for women applicants. Below is the rate chart for the variable loan amounts and for different applicants:

  • Up to ₹25 lakhs- 8.35% p.a. (for women) and 8.40% p.a. (for others)
  • From ₹25 lakhs and ₹1 crore- 8.50% p.a. (for all)
  • From ₹1 crore to ₹3 crores- 8.70% p.a. (for all)
  • From ₹3 crores to ₹5 crores- 8.80% p.a. (for all)

LIC HFL interest rates for existing customers 2017

LIC HFL interest rates for existing customers is presently 8.35% per annum onwards. The special rate is for women applicants and for others the rate is 8.40% per annum onwards.

LIC home loan EMI calculator

LIC home loan EMI calculator is the easiest tool that can help you calculate home loan EMI in a few minutes. This tool would take into account the basic details of your home loan which are:

  • Loan amount
  • Tenure
  • Interest rate

Now, when you mention the above details in the calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example with the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.35% p.a.

  • EMI: ₹19,519
  • Total interest outgo: ₹15,13,480
  • Total amount: ₹35,13,480

Here is the formula to calculate the EMI or equated monthly installment:

E= P.r. (1+r)n/((1+r)n -1)

Where,

E=EMI

P=Principal loan amount

r= Rate of interest on monthly basis (r= Annual rate of interest/12/100)

n=Loan tenure

LIC Home Loan Eligibility

Below is the LIC home loan eligibility criteria that an applicant must match to apply for a home loan at LIC:

  • Resident of India
  • Non-Resident of India
  • Pensioners
  • Salaried employees
  • Self-employed professionals
  • Businessmen
  • Pensioners below 70 years of age are classified as before-retirement individuals
  • Pensioners of 70 years of age and above are classified as post-retirement individuals

Eligibility for Salaried NRI/PIO customers

For Purchase/Construction and Repairs/Renovation:

  • You can get minimum loan amount of ₹1 lakh
  • You can get the maximum loan up to 85% of the market value of the property or up to ₹75 lakhs
  • Qualified professionals can choose loan tenure up to 20 years
  • Others can get the loan for the tenure up to 30 years

For Plot Purchase:

  • You can get minimum loan amount of ₹1 lakh
  • You can get the maximum loan up to 75% of the market value of the property or up to ₹75 lakhs
  • The loan can be taken for the maximum tenure of 15 years

For Takeover from other Banks:

  • Salaried applicants can get the loan for the maximum tenure of 30 years
  • Businessmen can get the loan for the maximum tenure of 20 years

LIC home loan customer care

For any loan related query, you can contact the housing finance company at the customer care number available at the official website or visit the nearest branch.

LIC housing loan statement

You will get the loan statement on your registered email ID that you have to provide at the time of applying for the loan.

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