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India lic home loan

LIC Housing Finance LTD offers home loans to resident Indians and non-resident Indians as well as foreign investors. For the property loan, LIC can provide up to 85% of the overall price for loans that are 20 lakh or less; this includes stamp duty and charges for registration. For loans that are more than 20 lakhs, LIC covers up to 80% of the overall price.

LIC home loans do carry an upfront fee and a service tax.

The maximum borrowing time on a LIC home loan is 20 years. Payments are made on an even month to month basis. However, the borrower is free to pay off the full amount of the home loan at any time.

LIC is placed among the best three housing finance institutions in India and this is largely because of its great interest rates. For loans 30 lakh and under, interest rates stand at a solid average of 9.9%; for loans over 30 lakh and up to 75 lakh, the average interest rate is 10.35%; for loans over 75 lakh, the average interest rate is 10.75%.

In comparison, the average interest rate for a State Bank of India home loan is 11% for loans 30 lakh and under, 11.25% for loans in the greater than 30 lakh but less than 75 lakh range, and 11.75% for loans over 75 lakh. Another top home loan lender in India, ICICI Bank, has an average home loan interest rate of 10.50%.

Clearly, LIC has an advantage on other top competitors when it comes to average home loan interest rates.

However, home buyers should know that home loan interest rates are never set in stone, and that the actual interest rate given is based off how much the home buyer borrows, the credit rating of the home buyer and the amount of time the borrower plans to borrow money for.

LIC also offers corporate property loans as well. You can apply for a home loan via LIC's website.

However, when borrowing money, you should be sure to only take what you need. Be sure to talk with LIC customer service about concerns you have concerning LIC home loans before making your final decision.

 

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