LIC Housing Finance Limited offers home loans to salaried, self-employed and pensioners as well. LIC Housing Finance home loan interest rates start from 6.90% per annum, which is the lowest home loan rates in India. LIC housing finance company offers home loans for home construction, home purchase, plot purchase or home improvement. You can also get interest concessions on LIC Housing Finance home loan if the borrower is women. The loan amount which you can borrow under the LIC housing loans are from INR 1 lakh, read the article to know more about it.
LIC Housing Finance Home Loan Features and Benefits
Different type of loan schemes
You can borrow a LIC Housing Finance home loan as per your need. Because the housing finance provides different types of home loans to customers such as LIC Home Loans for Resident Indians, LIC Home Loan for Non-Resident Indians, LIC Home Loan for Pensioners and LIC PMAY – Credit Linked Subsidy Scheme. You can choose from the options to borrow funds for your house construction.
Low home loan interest rates
LIC Housing Finance Ltd. provides you home loans at 6.90% onwards. Where your interest rate will be dependent on the base lending rate, your income, credit score and property value. So do check all theses before you apply for the loan for a hassle free processing.
Longer repayment period
Pay the borrowed home loan in equated monthly installments. And LIC Housing Finance Home loan schemes offer you a tenure up to 30 years. With this you can choose a tenure that helps you fit the EMI in your budget to make the payments smooth and free from default.
Interest concession
Also there is a concession on your LIC Housing Finance home loan interest rate if you are women. As the housing finance provides home loans to women borrowers at a lower rate compared to regular borrowers.
No prepayment charges
You don’t have to worry about the prepayment charges when you borrow a home loan from LIC Housing finance Ltd. why? Because they don't levy any prepayment penalty if your LIC home loan internet rates are floating type. So prepay the home loan whenever you have a lump sum of funds.
Top up loan facility
Fall shortage of funds during home construction don’t worry LIC Housing Finance Ltd. has the solution for it. You can apply for a top-up loan to meet the unexpected finance during house construction. And the loan is sanctioned quickly as you are already an existing customer.
Multiple loan repayment options
Pay your EMI using the suitable payment service. There are various ways by which one can pay his LIC Housing Finance home loan EMI, you just have to choose the one that sounds good to you. Following are the methods by which you can pay home loan EMIs.
Electronic Clearing Service (ECS): In this payment service the EMI amount will be debited from your bank account every month before the due date. So you don’t have to sign as many cheques now when you have the ECS payment service.
Post Dated Cheques (PDCs): Submit the signed cheque to the LIC branch, so the EMI will be deducted before the due date. It is for the customers who prefer old payment service.
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