LIC Home Loan Interest Rate

LIC Housing Finance Limited offers home loans starting at 8.00% p.a. for terms up to 30 years. It also provides house loan balance transfer/takeover to existing home loan borrowers of other lenders at cheaper interest rates, as well as Griha Varishtha home loan to applicants with pension advantages with loan periods of up to 80 years. 

The HFC also provides Griha Suvidha, a home loan plan backed by Mortgage Guarantee, to salaried applicants who receive their salary in cash, self-employed applicants who require a prolonged loan term, and salaried applicants who are nearing retirement age and require a longer loan tenure.

Characteristics of the LIC Home Loan

  • The maximum loan amount and loan term
  • Interest rates that are appealing.
  • Documentation and application procedures are straightforward.
  • Balance transfers on home loans may be possible.
  • Best deal for people with good credit.

LIC Housing Loan Interest Rate 2022

Here are the LIC home loan interest rate 2022 tables-

1) LIC Housing Loan Interest Rate (Griha Siddhi Home Loan)

For Salaried-

Loan Amount

LIC home loan interest rates

Up to Rs 50 lakh

8.05% - 8.75%

More than Rs 50 lakh-Rs two crore

8.25% - 8.95%

More than Rs 2 crore-Rs 15 crore

8.40% - 9.15%

For Non-Salaried-

Amount

LIC housing loan interest

Up to Rs 50 lakh

8.15% - 8.85%

More than Rs 50 lakh-Rs two crore

8.35% - 9.05%

More than Rs 2 crore-Rs 15 crore

8.50% - 9.25%

 

2) Advantage Plus Scheme

 

Loan Slab

Salaried

Non-Salaried

The HL component must be more than or equivalent to Rs 10 lakh.

8.00%

8.00%

 

3) Griha Bhoomi

For Salaried-

Loan Amount

LIC rate of interest home loan

Up to Rs 50 lakh

8.25% - 8.50%

Above Rs 50 lakh-Rs two crore

8.45% - 8.70%

Above Rs 2 crore-Rs 15 crore

8.60% - 8.85%

For Non-Salaried-

Amount

Interest Rate

Up to Rs 50 lakh

8.35% - 8.60%

Above Rs 50 lakh-Rs two crore

8.55% - 8.80%

Above Rs 2 crore-Rs 15 crore

8.70% - 8.95%

 

4) Griha Suvidha Asha Home Loan Scheme

For Salaried-

Amount

Interest Rates

Rs. 10 lakhs to Rs. 50 lakhs

8.55% - 9.25%

More than Rs. 50 lakhs to Rs. 2 crores

8.75% - 9.45%

More than Rs. 2 crores to Rs. 3 crores

8.90% - 9.65%

For Non-salaried-

Amount

Interest Rates

Rs. 10 lakhs to Rs. 50 lakhs

8.65% - 9.35%

More than Rs. 50 lakhs to Rs. 2 crores

8.85% - 9.55%

More than Rs. 2 crores to Rs. 3 crores

9.00% - 9.75%

 

5) Griha Suvidha Home Loan Scheme

For Salaried-

Amount

Interest Rate

Rs. 10 lakhs to Rs. 50 lakhs

8.30% - 9.00%

More than Rs. 50 lakhs to Rs. 2 crores

8.50% - 9.20%

More than Rs. 2 crores to Rs. 3 crores

8.65% - 9.40%

For Non-salaried-

Amount

Interest Rate

Rs. 10 lakhs to Rs. 50 lakhs

8.40% - 9.10%

More than Rs. 50 lakhs to Rs. 2 crores

8.60% - 9.30%

More than Rs. 2 crores to Rs. 3 crores

8.75% - 9.50%

 

Other Charges and Fees

LIC Charges customers with a processing fee of up to 0.35% of the loan amount + GST.

Who is Eligible for the LIC HFL Home Loan Eligibility?

  • Salaried persons (within 50 years of age)
  • Self-employed persons (within 75 years of age)
  • Individuals with income over Rs. 30,000 per month.
  • Indian citizens
  • NRIs

What Documents are Needed to Apply for the Home Loan?

For Salaried-

  1. Salary slips
  2. Bank statements of the last year
  3. Form 16

For the Self-employed-

  1. Bank statements of the last year
  2. ITR of the last three years

Types of LIC Home Loan Scheme Available

There are different schemes to cater to varied purposes-

1) Home Loan for Resident Indians

This scheme is for the purpose of construction or ready-to-move-in-home or the construction of your own house.

2) Pradhan Mantri Awas Yojna

It is an interest subsidy of up to Rs 2.67 lakh for the borrowers' first pucca house construction/purchase.

3) Griha Suvidha Scheme

This mortgage guarantee-backed house lending program does not consider age or kind of income. These home loans are available to candidates who get a portion of their pay in cash or who want longer loan terms due to approaching retirement age. This lending program is also available to self-employed individuals who want a longer loan term.

4) NRI Home Loans

NRI house loan scheme for land purchase, home improvement/renovation, top-up home loans, and balance transfer of the existing home loans from other banks or NBFCs to LIC Housing Finance.

5) Griha Varishtha Home Loan Scheme for Pensioners

A home loan with 6 EMI exemptions for retirees, Central/State government, and PSU personnel eligible for the Defined Benefit Pension Scheme (2 EMIs at 37th and 38th month, 2 EMIs at 73rd and 74th month, 2 EMIs at 121st and 122nd month of loan tenure).

6) Plot Loan Scheme

This is for the acquisition of a residential plot from a government body/development authority/approved layout, as well as for the purchase of a plot under the Composite Scheme if the applicant plans to build within three years of the date of purchase.

7) Top Up Loan Scheme from LIC

This is an additional loan on an existing mortgage for both new and current borrowers. New borrowers can get a top-up when they transfer their existing home loan to LIC Housing Finance.

8) Balance Transfer Scheme

This is transferring an existing house loan from another bank/NBFC to LIC Housing Finance at a cheaper interest rate. Two EMIs may be waived for applicants.

How to Apply for a Home Loan?

There are two major ways to apply, and they are-

  1. Branch: You could also apply for a home loan by visiting the closest branch, and you can approach an executive in order to guide you through the process.

  2. Portal: You could also apply for a home loan with the website, and all you need to do is visit - lichousing.com.
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