LIC Housing Finance Loan Against Property

LIC Housing Finance Loan Against Property

For any major requirements such as funds for business plans, higher education or medical treatment etc, getting a loan against property could be a feasible option to manage the situation. Understanding the scenario, LIC Housing Finance, one of the leading banks in India, allows you to pledge your property to meet the goals or requirements.

Obtaining a LIC Housing Finance loan against property is simple as the process is quicker and approvals are done faster. With flexible repayments, this loan is preferable and affordable by all.

Key Highlights of LIC Housing Finance Loan Against Property

What is Loan Against Property?

Introduction to LIC Housing Finance Loan Against Property

LIC Housing Finance, one of the leading private banks in India, offers loans against your residential or commercial property. The borrowers can get funds up to 60% value of the property from LIC Housing Finance loan against property. With customised loan options, LIC Housing Finance provides competitive interest rates and flexible repayment options.LIC Housing Finance loan against your home could be the perfect solution for all your financial needs as the approvals are done in 3 days. Door-step services are offered, and the loan processing is done quickly and easily.

Advantages of LIC Housing Finance Loan Against Property

• Long tenure with small EMIs
• Attractive interest rates
• Hassle-free documentation
• Quick processing
• Loans for both commercial and residential properties

Features of LIC Housing Finance Loan Against Property

Purpose: The main objective of LIC Housing Finance loan against property is to provide finance to individuals who have various financials goals and requirements. Both residential and commercial properties are accepted by the bank as collateral.

Loan Amount: The borrowers can get minimum of Rs.2,00,000/- with maximum amount is under the discretion of the lender.

Repayment Options: Maximum 15 years

Loan Processing: No hidden charges are levied on processing the loan and all the charges are communicated up front.

Customised Loan: One of the major benefits is that self-employed professionals can get their loans customised based on their needs. This is to facilitate better easy repayment and manage their business as well.

Prepayment charges: No prepayment charges are levied for floating interest rate type and fixed interest rate customers will have to pay 2.5% of outstanding loan amount and it can be done only after six months of taking the loan.

Processing Fee: The customers may have to pay up to 1% of the loan amount plus applicable taxes as processing fee.

Eligibility Criteria for LIC Housing Finance Loan Against Property

To apply for a LIC Housing Finance loan against property, you must be either a self-employed professional or a salaried employee working in a reputed private company or government organisations.

LIC Housing Finance Loan Against Property Interest Rate 

The borrowers can choose either fixed or floating type of interest rate and the charges differ accordingly. The interest rate starts from 8.5%.

LIC Housing Finance Loan Against Property Balance Transfer

The customers can transfer the loan against property from another bank to LIC Housing Finance for lower interest rate. This can significantly reduce the loan burden and monthly outgo on EMIs.

Documents Required to get LIC Housing Finance Loan Against Property

The documentation is easy and hassle free. The following documents are required to get LIC Housing Finance loan against property along with the application.

For Salaried Individuals

Application form with photograph

Any one of the following as proof of residence

• Aadhar card
• Ration card
• Telephone bill
• Electricity bill
• Voter ID card

Any one of the following as proof of identity

• Voter ID
• Driving Licence
• Aadhar card
• Employer’s ID

Bank statement of last 6 months where you can show your salary or income details

Salary slip of last 6 months

Photocopies of all documents related to the property that you are going to pledge for the loan

From 16 for the past 2 years

For Self-Employed Individuals

Certified financial statement for the previous 3 years

Any one of the following as proof of residence

• Aadhar card
• Ration card
• Telephone bill
• Electricity bill
• Voter ID card

Any one of the following as proof of identity

• Voter ID
• Driving Licence
• Aadhar card
• Employer’s ID

Bank statement of last 6 months where you can show your salary or income details

Salary slip of last 6 months

Photocopies of all documents related to the property that you are going to pledge for the loan

Benefits of LIC Housing Finance Loan Against Property

Using the funds acquired from LIC Housing Finance loan against property, you can fulfil your immediate and long-term needs such as business needs, marriage, medical expenses and other personal needs. The repayment is easy as you can get long tenure with small EMIs at attractive interest rates. The documentation is easy and hassle free and processed quickly. With the overdraft facility, the customers can pay interest to the amount you have used. The customers can avail the services from anywhere in India.

How to Apply for LIC Housing Finance Loan Against Property?

Applying for a LIC Housing Finance loan against property is simple. You can either apply online or visit a nearby LIC Housing Finance branch.

Applying Online

You can visit the official website of LIC Housing Finance and select ‘Apply Now’ option under ‘Loan Against Property’ page. It will be directed to another page where you need to fill up the personal and income details. After completing the application form, you can submit it which will be validated by the lender. A representative from the bank will call you for documentation following which it will be sent for approval.

LIC Housing Finance Loan Against Property FAQ

1. What are that properties that can be considered as collateral for LIC Housing Finance loan against property?

Self-occupied residential properties and commercial properties such as shops and offices are considered collateral.

2. What is the maximum loan amount I can get from LIC Housing Finance loan against property?

The maximum loan amount under the discretion of the bank

3. Can I pre-close my loan against property account?

Yes, you can. You need to submit a written request to the nearest LIC Housing Finance branch to close your account. You may have to pay a small fee as penalty while prepaying. However, it differs based on the loan amount and interest type.

4. Can I make part-prepayment on LIC Housing Finance loan against property?

Yes, you can make part-prepayment and no charges are levied on floating interest type.

5. How can apply for LIC Housing Finance loan against property?

You can either apply online or visit the nearby LIC Housing Finance branch or through CreditMantri official website.

6. What is the interest rate range to avail LIC Housing Finance loan against property?

The interest rate starts at 8.5%

7. What is the processing fee on LIC Housing Finance loan against property?

The processing fee is up to 1% of the loan amount with applicable taxes.

8. Can I top up the LIC Housing Finance loan against property?

Yes, you can top up loans under adjustable rate which is linked to LIC Housing Finance’s retail prime lending rate.

9. Can I get LIC Housing Finance loan against property without any income proof?

No, you cannot get it without showing income proof.

10. In what cities LIC Housing Finance loan against home and land available?

LIC Housing Finance loan against property is available in Chennai, Mumbai, Bangalore, Kolkata, Pune etc. The loan can be availed after submitting land or home documents to the bank as collateral.

About LIC Housing Finance

LIC Housing Finance Ltd (LICHFL), incorporated in 1989 is one of the largest housing finance companies in India. It is listed and actively traded on the National Stock Exchange (NSE) and Bombay Stock Exchange Limited (BSE) since 1994. They have served over 21 lakhs prudent home owners.