LIC Housing Finance Limited (LIC HFL) ranks as one of the leading housing finance organization in the country. LIC is a public organization and therefore remains in demands owing to its genuine loan and insurance products. The organization was formed in the year 1989 and went public in the year 1994. LIC housing finance limited is registered with NHB on the NSE and BSE – shares of which are only traded in a Demat Format.
The organization was formed with an objective to provide Indian masses with astonishing housing finance. The purpose for which one can avail loan from LIC housing Finance Limited is for purchase of a house – flat/bungalow/land for residential purpose/repairs or renovations/ construction.
LIC Housing Finance also supports construction of commercial complexes such as office space, nursing homes, clinics, diagnostic centers, construction of houses/flat to be constructed by a builder for purpose of commercial sales.
LIC HFL has a vast network in the country with its registered office located in the commercial city of India – Mumbai. The organization also bears around 7 - Regional Office, 16 – Back Office, & 209 – Marketing Units. The organization has appointed intermediaries which are around 10478 offering LIC HFL an extended reach to the market. Internationally the organization has a presence in Dubai, Kuwait, Bahrain, Saudi Arabia, and Qatar. With the global presence of the organization the organization has been able to satisfactorily serve over 15.56 lakh customers.
LIC Housing finance Limited Features:
LIC is a brand name and trusted widely across the country. Being a public entity, the organization offers a good and affordable deal on home loans for every common Indian as well as NRI. The sole aim is to make home loans affordable for low as well as middle income groups of the society. Enlisted below are certain features of LIC HFL home loans:
Loan amount: You can obtain around 3 Crores for purchase of a property. Further, the loan offered by LIC HFL is calculated on the following basis:
• 85% of the loan amount is granted for upto Rs.1 lakh Loan requirement.
• 80% of the loan amount is granted for upto Rs.20 lakh loan requirement.
• 75% of the loan amount is granted for upto Rs.75 lakhs loan requirement.
Loan Tenure: The Loan tenure for which you can avail Home Loan at LIC can be 30 years for salaried, whereas for self-employed the same may be 20 years. Professionals may get LIC HFL home loan for a loan tenure of 20 years whereas an NRI and a pensioner may be granted professional loans for a period of 15 years.
Rate of interest: LIC HFL offers home loans at interest ranging from 9.50% upto 10.25 % p.a.
Loan applications can be submitted by salaried, self-employed, pensioners as well as NRIs .
Mode of repayment: Repayment can be done through equated monthly installments, which can be planned through electronic clearance services as well as submission of post dated cheques.
Fore-Closure:LIC HFL charges Nil to 2% on the outstanding loan amount as a fore-closure charge on your housing loan.