Want to take a home loan from LIC? If yes, you need to know everything about LIC home loan interest rate, tenure and the other services provided by Life Insurance Corporation Housing Finance Limited (LICHFL). The company offers a LIC home loan to both self-employed and salaried individuals at a starting rate of 6.90% p.a. This rate depends on the various schemes provided by the company. Before knowing about the plan, let’s understand the features of home loans by LICHFL.
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What Are the Features of a LIC Home Loan?
The benefits of taking a LIC home loan are as follows:
- The company provides a maximum loan amount.
- The repayment tenure is excellent.
- An attractive feature of this company is its low LIC home loan interest rate.
- Customers can apply for a home loan easily.
- The company has a simple documentation process.
- They provide a home loan balance transfer.
- The customers with a good credit score get the best offer while availing of the loan.
- The company does not take prepayment charges from the customer for the home loan.
- Customers do not have to pay the administrative and hidden costs at LIC.
- The home loan gets sanctioned quickly at LIC.
- The Equated Monthly Instalments (EMI) are low.
What Is the LIC Home Loan Interest Rate 2022?
In 2022, the interest rate has been modified based on the schemes and employment type. Let’s look into the schemes and the interest rates for self-employed and salaried employees. Customers except the pensioners do not require a guarantor to avail of these loans.
| Schemes | LIC Home Loan Interest Rate for Self-employed | LIC Home Loan Interest Rate for Salaried |
| LIC HFL Home Loan | 7.00% – 7.90% per year | 6.90% – 7.80% per year |
| LIC HFL Griha Suvidha | 7.25% – 8.05% per year | 7.15% – 7.95% per year |
| LIC HFL Griha Varishtha | 7.00% – 7.90% per year | 6.90% – 7.80% per year |
| LIC HFL Home Construction Loan | 7.00% – 7.90% per year | 6.90% – 7.80% per year |
| LIC HFL Home Loan for NRI | 7.00% – 7.90% per year | 6.90% – 7.80% per year |
| LIC HFL Home Renovation Loan | 7.00% – 7.90% per year | 6.90% – 7.80% per year |
| LIC HFL Home Extension Loan | 7.00% – 7.90% per year | 6.90% – 7.80% per year |
| LIC HFL “Pay when you Stay.” | 7.00% – 7.90% per year | 6.90% – 7.80% per year |
| LIC HFL Home Loan Top Up | 8.50% – 9.00% per year | 8.50% – 9.00% per year |
| LIC HFL Advantage Plus | 7.00% p.a. – 7.90% per year | 6.90% p.a. – 7.80% per year |
| LIC HFL 6 EMI Waiver | 7.00% – 7.90% per year | 6.90% – 7.80% per year |
LIC Home Loan Processing Charges and Other Fees
The company processes 0.25% charges on the total loan amount. They charge a minimum of ₹10,000. Besides, they take technical and legal fees. Before filling up the application form, customers can contact the officials and learn about the fee structure before applying for the LIC home loan.
Conclusion
The customers should read the terms and conditions and be well aware of the LIC Home Loan interest rate, tenure, additional charges, and the services offered by the bank before applying for the LIC home loan. Different banks offer different interest rates and services. Therefore, it is important to know about a bank’s offering before taking their services. Visit the bank or contact the officials to know about the criteria and the conditions for a home loan to make a well-informed decision.