Check your LIC Housing Finance Home Loan Eligibility for Instant Availability of Home Loans

Owning a home has become a lifetime experience which can be cherished throughout your lifespan. Now getting your desired home loans are not that too hard, when there are so many lenders available in the market place. Buying a home goes through a pre-planned stage where optimum funding comes at a latter stage. The moment you finalize your deal with your builder, you are required to pay instant cash. For fulfilling your objective, you require the immediate backing of funds from your chosen bank or non-banking finance company.

LIC Housing Finance is one such non-banking finance company which comes to your immediate help as soon as you require instant funds. Assess your eligibility beforehand when it comes to availing home loans with LIC Housing Finance. The eligibility will allow you to know whether you are allowed to avail home loans or not. Next comes other stages -submission of documents, verification checks and  sanction of home loans with an appropriate interest rate and tenure.

LIC Home Loan Interest Rate & other details

• LIC Home Loans are offered in the range of 8.35% -8.80% p.a.

• The minimum amount of loan offered on LIC Home Loan is ₹ 1 lakh.

• The maximum tenure for LIC home loan is fixed at 30 years for salaried borrowers and 20 years for self-employed borrowers.

• The upfront fees are chargeable on LIC Home loans from time-to-time as per the company's policies.

• The loan to property cost is chargeable on this loan for different amounts of Loan as :

• 85% of total cost of property for loans upto ₹ 20 lakhs(including Stamp Duty and Registration Charges)
• 80% of total cost of property for loans above ₹ 20 lakhs(including Stamp Duty and Registration Charges)
• 75% of total cost of property for loans upto ₹ 75 lakhs and above(including Stamp Duty and Registration Charges)

Features and Benefits of LIC Home Loans

• Assistance from skilled professionals in time for guiding you throughout the home loan process with doorstep facility.
• Attractive interest rates
• PAN India presence and overseas offices at Dubai & Kuwait
• LIC Home Loan approval as per your financials for providing you assistance in selection of property depending on your Budget
• No hidden cost

LIC Home Loan Eligibility Criteria

• The borrowers residing in India, non-resident Indian and pensioners are eligible for getting LIC Home Loans.
• Those borrowers either being salaried employees, self-employed professionals and businessmen are eligible to get LIC Home Loans.
• Pensioners in the age group of 70 years are categorized as pre-retirement individuals and pensioners in the age group of 70 years or above are categorized as post-retirement individuals, both are entitled  to avail LIC Home Loans.

LIC Home Loan Eligibility Calculator

Know the different combinations that the company offers towards repayment of their home loans. Moreover, an analysis has been made which one will adjust as per their needs and repayment capacity of an individual. An individual needs to enter the below details for knowing about his/her eligibility:

• Net monthly income
• Existing EMI
• Rate of Interest
• Loan Tenure

As per the general rule, higher the capacity of the borrower for repaying the loans, higher would be the amount that defines the borrower's eligibility. However, the home loan amount will be higher for the bigger loan duration and have lower interest rates.

LIC Home Loan EMI Calculator

Use LIC Home Loan EMI Calculator in order to calculate your EMI that you will be repaying towards your home loan. Just enter the basic details like loan amount, tenure and interest rate applicable on your home loan. The final value arrived from the calculator will be your actual EMI payable after a particular period of time.

Let us understand with the help of an example:

Amarjeet is a self-employed professional who is willing to buy a flat in a posh-locality of Delhi. He has applied with LIC home loan for availing home loans upto ₹ 75 lakhs for 20 years duration at 8.40% interest rate. So, the calculation of EMI along with interest outgo as well as the total amount for the year will be :

EMI = ₹ 64,613

Total Interest Amount= ₹ 80,07,081

Total Amount(Principal +Interest) = ₹1,55,07,081

Documents Required for LIC Home Loans

The borrowers are required to submit the following documents in order to apply for the LIC home loans :

1. General Documents

• Duly filled and signed application form.
• Passport sized photographs.
• Bank statements for the last 6 months.
• Cheque with processing fee amount.

2. Salaried Applicants

Apart from the aforestated documents, salaried borrowers must furnish the following documents:

• Salary slips for the last 3 months
• Form 16 or Income Tax Returns

3. Self-Employed Applicants

In addition to providing the general documents mentioned above, self-employed borrowers are required to submit the following documents as under :

• Certificates of educational qualifications.
• Proof of existing business
• Income Tax Returns for last 3 years along with computation of Income.
• Balance Sheet and Profit & Loss Account for the last 3 years, certified / audited by a chartered accountant.