Read on to know more about Life Insurance
Corporation of India housing loans
LIC Home Loan
LIC Housing Finance Limited is one of the leading players in the home loan segment. Incorporated on June 19, 1989 and promoted by the Life Insurance Corporation of India, LIC Housing Finance Limited boasts of an extensive distribution network and a massive brand presence, by virtue of being one of the earlier entrants in the market for housing loans. LIC offers home loans for construction/purchase of house/flat and for renovation of existing flat/house as well. To know more about LIC Home Loan, go through the following lines.
Life Insurance Corporation Of India Housing Loans
Products
- LIC Griha Prakash and Griha Laxmi loans are for purchase and construction of properties and the maximum loan offered can go up to Rs 1 Crore. In both the cases, the home loan finances up to 85% maximum of the cost of the property, which is inclusive of agreement value, stamp duty and registration charges.
- LIC Griha Sudhar Loan facilitates repairs/renovation of properties. The maximum loan amount can be up to Rs.10 lakhs and the loan to property cost won't exceed 85% of Cost of Repairs or 25% of Market Value of Property, whichever is lower.
- LIC Griha Prakash loans are meant for extension of residential units and the loan amounts range from Rs. 25,000 to Rs.1,00,00,000. The company finances up to 85% of the total cost of the property including Stamp Duty and Registration Charges. The maximum repayment period can be up to 20 years or retirement age or 70 years of age, whichever is earliest.
- The minimum loan amount of LIC Griha Shobha is Rs. 500000. The maximum loan term for a non-professional applicant is 10 years, while it is 15 years for a professional. The product offers the facility of Equated Monthly Installments (EMI) to its applicant.
Eligibility
- The net income of salaried as well as self-employed applicant should be Rs 150000 per annum.
- The minimum age limit for salaried employee is 25 years, while the maximum age limit is 58 years. On the other hand, a self-employed person can apply for LIC Home Loan, between the age of 21 and 70 years.
- In case if the applicant is an NRI, he/she should have a valid Indian Passport.
Documents Required
- Completed application form for the sanction of LIC Home Loan
- Copy of sanctioned plan and sanction letter.
- Copy of NA permission/ULC clearence, wherever applicable
- One guarantor form and his/her salary certificate in our format.
- If guarantor is in business or profession, a copy of his/her latest I.T.returns/assessment order is required.
- Bank Pass-book or statements for the last two years
- Power of Attorney, wherever applicable
- In case the applicant purchases house from a builder, then he/she has to provide a copy of Agreement for Sale, copy of Registration Receipt, Copies of Receipts Of Payment already made and NOC from builders.
Additional Requirements
For Salaried Employees
- Employer's salary certificate in our format/and latest salary slip.
- Identity card of applicant
- TDS certificate of applicant
- PF/ESIS slip of applicant
For Businessmen Or Self-Employed Applicant
- Three years' income tax returns/assessment orders along with computation of income and statements of accounts certified by C.A.
