LIC Home loan provide the financial assistance of your dream of home into reality through home building loans. The LIC Home Loan review has proved LIC Home loan to be flexible and LIC Home Loan Interest rate to be affordable. LIC Home Loan eligibility criteria have made many utilize the benefits of this most reputed and trusted insurance company towards building a dream home.

LIC Home Loan Is Available For Various Purposes And The Details Are:

• LIC Griha Prakash(Purchase of Home, extension or construction)
• LIC Griha Sudhar(Home Repair)

Lic Home Loan Interest Rate:

• For five years LIC home loan interest rate is 9.95% Fixed
• For a period above 5 years LIC home loan interest rate is 9.00% Floating

Lic Home Loan Eligibility:

• According to the LIC home loan review the net income of salaried or self-employed applicant should be Rs 150000 p.a.
• LIC home loan review states the age limit of applicant should be 25 years to 58 years.
• According to the LIC home loan review self-employed person age limit  should be between 21 years to 70 years.
• NRI with valid Indian Passport can also apply.

Lic Home Loan Documents:

LIC Home Loan Can Be Applied For Easily By Providing The Common Documents Below:

• Application form
• Copy of sanctioned plan and letter.
• Copy of permission or clearance if applicable.
• One guarantor form and his/her salary certificate.
• Bank Pass-book or statements for the last two years

Salaried:

Employer? salary certificate

• latest salary slip as per format requested along with
• Identity proof and
• Tax and PF Slips.

Self Employed:

• 3 years' IT returns or assessment along with
• Computation of income and statements of accounts certified by C.A.

Lic Home Loan Rate:

• LIC home loan rate is available at a minimum amount of Rs.25, 000 and maximum amount of Rs.1, 00, 00,000
• LIC home loan rate for repairs is available at a maximum amount of Rs. 10, 00,000.

Procedure And Options To Apply For The Loan:

The customer needs to submit duly filled form and attach related documents and submit it to the bank authorities for processing. The form is available at the branches or can be downloaded from the official website of the bank.

Maximum And Minimum Tenor Of The Loan:

 As per the LIC Home Loan review

• LIC home loan eligibility is maximum for a perod of 20 years. As per age the loan term is Retirement age or 70Years whichever is earlier.
• Incase LIC Home Loan is taken for repairs the loan term is 1 to 15 Years or Retirement Age or 70 years of Age whichever is earliest.

What would be the repayment options/facilities?

The customer can pay back his loan in equated monthly installments.

Pre Closure Process: In case a customer of LIC home loan wishes to close his loan before the agreed period or term is termed as pre closure. In this case the bank charges a 2 % penalty in case if the loan is being taken over by any other financial institution or is being paid back through own resources of the customer.

Tax Benefits: One can get tax benefits on the principal and the interest paid according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.