LIC Home Loan Interest Rate Guide - January 2024 Update

LIC Home Loan Interest Rate – Updated in January 2024

In the dynamic landscape of real estate, securing a home loan with favorable terms is crucial. LIC Housing Finance Ltd. (LIC HFL) recognizes the diverse needs of potential homeowners and offers a range of home loan products with interest rates that vary based on key factors. As of January 2024, the LIC home loan interest rate is intricately linked to the CIBIL range, type of occupation, and the amount of the loan.

CIBIL Range and Occupation Type

CIBIL Range: >= 750

• Salaried and Professional:
  • Up to 2 Crore: 8.50%
  • More than 2 Crore and up to 15 Crore: 8.70%
• Non-salaried & non-professional:
  • Up to 2 Crore: 8.60%
  • More than 2 Crore and up to 15 Crore: 8.80%

CIBIL Range: 700 to 749

• Salaried and Professional:
  • Up to 2 Crore: 8.75%
  • More than 2 Crore and up to 15 Crore: 8.95%
• Non-salaried & non-professional:
  • Up to 2 Crore: 8.85%
  • More than 2 Crore and up to 15 Crore: 9.05%

CIBIL Range: 600 to 699

• Salaried and Professional:
  • Up to 50 Lakhs: 9.55%
  • More than 50 Lakhs and up to 2 Crore: 9.75%
• Non-salaried & non-professional:
  • Up to 50 Lakhs: 9.65%
  • More than 50 Lakhs and up to 2 Crore: 9.85%
  • More than 2 Crore and up to 15 Crore: 10%

CIBIL Range: < 600

• Salaried and Professional:
  • Up to 50 Lakhs: 10.00%
  • More than 50 Lakhs and up to 2 Crore: 10.20%
  • More than 2 Crore and up to 15 Crore: 10.40%
• Non-salaried & non-professional:
  • Up to 50 Lakhs: 10.10%
  • More than 50 Lakhs and up to 2 Crore: 10.30%
  • More than 2 Crore and up to 15 Crore: 10.50%

Amount of Loan and Period of Repayment

The LIC housing finance interest rate is further influenced by the amount of the loan and the period of repayment:

• Maximum Repayment Period:
  • Salaried individuals: Up to 30 years
  • Self Employed individuals: Up to 25 years

LIC HFL Home Loans: A Comprehensive Overview

Home Loan for Resident Indian

LIC HFL provides Home Loans for the purchase of under-construction or ready-to-move homes and for the construction of your own home. Eligibility includes:

• Employees drawing part of their salary in cash.
• Salaried individuals looking for home loan terms beyond their retirement.
• Self-employed individuals seeking an extended loan tenure.

Home Loan for Non-resident Indians (NRIs)

LIC HFL recognizes the aspirations of NRIs to own a home in India and offers a range of customizable home loans at competitive interest rates. The types of home loans available for NRIs include Home Loan, Plot Loan, Home Improvement Loan, Home Renovation Loan, Top Up Loan, Balance Transfer, and Plot Loans.

Types of Plot Loans

1. Purchase of Plots from Government bodies/Developed Authorities/ Approved Layout:
   • Maximum loan amount: 75% of the property value
   • Maximum loan tenure: 15 years
2. Composite Loan for Purchase of Plot and House Construction

Home Improvement Loans

LIC HFL offers Home Improvement Loans for enhancing your home. This loan is available for both existing and new customers.

Home Renovation Loan

For those looking to renovate their homes, LIC HFL provides Home Renovation Loans for both existing and new customers.

Top-Up Loan

LIC HFL offers Top-Up Loans over the existing home loan, providing additional funds to existing customers or new customers who convert their existing home loan to LIC HFL.

Eligibility for Top-Up Loan

1. Existing customers with a default-free housing loan seasoning.
2. New customers transferring their loan from another financial institution.

Eligible Amount for Top-Up Loan

The amount is determined upon application and depends on factors such as repayment capacity and outstanding loan amount.

Home Loan for Pensioners

LIC HFL offers Home Loans for pensioners, catering to individuals up to 65 years of age. The spouse must be a joint applicant, regardless of property ownership. Children can also be co-applicants, extending the term and eligibility amount.

Tenure of the Loan

• Joint applicants drawing a pension: Up to 80 years of age.
• If the income of younger applicants is considered: Up to 30 years or till the attainment of 80 years of the younger applicant, whichever is earlier.

EMI Waiver Benefits

Borrowers with a default-free track record are eligible for EMI waivers at the 61st and 121st month of the loan tenure.

Balance Transfer

LIC HFL allows the takeover of existing home loans from other financial institutions through Balance Transfer.

Documents Required for LIC HFL Home Loan

1. Income Documents:
   • Salary slips and Form No. 16 for salaried employees
   • Last 3 years' income tax returns for self-employed individuals or professionals
   • Last 3 years of Financial Statements for self-employed individuals or professionals
   • Last 6 to 12 months Bank Statements
2. Property Documents:
   • Proof of ownership of property
   • Allotment letter of the builder/society in the case of flats
   • Up-to-date tax paid receipt
3. KYC Documents:
   • PAN Card
   • Aadhar Card
   • Passport for Non-resident Indians
   • Proof of residence

All loans are subject to the sole discretion of LIC HFL.

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