Get LIC Home Loan For Your Dream House

Getting your own home in 21^st century seems to be a bit difficult. The high rates of property seems to be a far-fetched reality for a common man. However, in this case where you need to have own house then you can definitely go for home loans where you can get loan for your dream house in less time period.

Home loan not only serves the purpose of availing loan for purchase of a new house or entity or a plot but it can be availed for improvement, renovation and extension of the existing house.

LIC Housing Finance Ltd. Is one such company which aims at offering best offers and irresistible products for loans. The main objective of the Company is providing long term finance to individuals for purchase or construction of house or flat for residential purpose / repair and renovation of existing flat / houses. It also stands as one of the industry’s most extensive marketing network in India.

Not only on the national level but the company has it’s Representative Office in Dubai and Kuwait to cater to the Non-Resident Indians (NRIs).

Here are the top things that a borrower must know for choosing LIC Housing Finance as financer to there ‘Always Dreamt of’ House.

– Minimum loan amount of ₹ 1 Lakh can be availed by the customer in the name of home loan.

– An individual residing in India, non-resident Indian (NRIs) and pensioners can get LIC Home Loan.

– The loan availer can be salaried or self-employed.

– Repayment of the loan is subject to a maximum of 20 years.

– Special scheme ‘Griha Siddhi Home Loan‘ for woman applicants under which any resident individual can take home loan.

– 85% of total cost of the property for loans up to 20 Lacs is sanctioned by the company.

– Takeover of existing loan from other Financial Institution/Banks is available in LIC Housing Finance Company.

– Only NRIs who are salaried individuals are eligible.

– Loan Approval is based on the financial of the applicant, to help you choose property as per the Budget.

– The company offer loan at attractive interest rates with low processing fees.

– Easy documentation procedure with quick loan disbursal are some of the salient features of the LIC Home Loan.

Check your Easy Monthly Installments with LIC Home Loan EMI Calculator

EMI calculator is a easily available tool today through which it has become convenient for the loan availer to build up the repayment strategies of the loan amount and also know the monthly installments along with the total amount to be paid in the end. With just few details such as loan amount, interest rate & tenure one can get all the details regarding the loan. Yearly or month-wise repayment amount and the total amount along with the interest amount can be easily enquired in just a few minutes.

The tool gives the accurate almost majority of the times and being a home loan availer one can rely on the same for further calculations.

If you wish to avail LIC Home Loan then you can easily map your repayment amount in few simple steps with Home Loan EMI Calculator.

Stages Involved From Application To Disbursement of LIC Home Loan

• Submission of application with supporting documents.
• KYC and other verifications and CIBIL report.
• After scrutiny of application personal interview by a company official.
• Issue of Loan offer Letter by the Company.
• Title clearance through our panel advocate.
• Valuation of property by our Panel Valuer and inspection of property by company official.
• If the above reports are confirmed, collection of documents for stamping and deposit of original title deeds.
• Stamping of documents, execution of documents and disbursement.

Documents Required For LIC Home Loan

Salaried Individuals

• Salary slips for last 6 months.
• Form 16.

Self – Employed Individuals

• Three years’ income tax returns/assessment orders along with computation of income and statements of accounts certified by C.A.
• Three years financial – Profit and Loss account, Balance Sheet, Audit Reports, etc.

Common Documents For Both Applicants

• Duly filled application form.
• Identity Proof such as PAN Card, Voter ID Card or Passport.
• Address Proof such as Ration Card, Electricity Bill, Telephone Bill, etc.
• Bank Pass-book or statements for the last two years.
• Power of Attorney, wherever applicable.

Why SBI Personal Loan is a Best Option in 2018

It is a common or rather a usual thing for the customers to get confused between the loan options available in the market. Not everyone is a pro in deciding the best institution for them to avail personal loan. There can be many possibilities for getting a personal loan such as for shortcoming emergencies or other personal immediate requirement and in these time when the customer is in hurry they tend to get misguided or baffled with so many alternatives.

Many people wait for new year to avail loan in order to get offers and State Bank of India can be a sure shot hit in 2018.

If you are that customer or the loan borrower who is confused on whether SBI Personal Loan is a better option than any other option available then, read the below article to get a clear picture of what exactly SBI Personal loan has got to offer you.

10 Golden Reasons For SBI Personal Loan Being One of The Best Loan Option in Market

– Interest chargeable on a daily reducing balance.

– Low processing fees.

– Numerable offers & Low cost Benefits.

– No security requirement.

– Provision of second loan.

– Higher Loan amount.

– Personal Loan covering all the government institutions.

– No administrative charges.

– Special loan product for pensioners.

– No prepayment or foreclosure charges in certain conditions.

SBI is currently offering many loan products such as home loans, car loan etc. When it comes to personal loan, You will be eligible for it, if you are a salaried individual & employees of mainly government entities maintaining salary account with the bank or corporates having a good relationship with the bank.

For such customers, SBI gives personal loan at zero margin and low processing fees. The eligibility can also lower the interest rates in special cases. Higher the eligibility, Higher the chances of lower interest rates !

SBI offers personal loan at processing fees of just 1% of the loan amount plus taxes.

Applicant who wish to avail personal loan from SBI must be from the government institutions such as Central and state Government, Quasi-Government, Central PSUs, Profit making State PSUs, Selected Corporates who have business relationship with the Bank & Educational Institutions of National Repute.

If you are already an SBI customer, you will only need to provide recent passport sized photographs and the customer does not have to go through many documentation procedures.

Remember that your CIBIL score is equally important as your other eligibility criteria. Bank always give priority to the customers who have a good credit history with the bank.

Other than that, Under the provision of second loan, It can only be taken after 1 year of disbursement of the 1^st loan provided the 1^st loan has been satisfactorily conducted and is regular at the time of sanction of 2nd Loan. There cannot be more than 2 Xpress Credit Loans standing in the name of a borrower. However, This is subject to the overall EMI/NMI ratio of 50%.

State Bank of India being the largest lender also offers the facility to Check SBI personal loan application status which is a easy and a quick procedure. You can check your current status of the loan with the bank without contacting the bank or visiting the branch. It is time efficient and cost efficient too.

All the above data makes SBI Personal Loan, one of the best options available in India. The customers can apply for loan today and start there loan journey with no more delays. You can apply for personal loan easily and swiftly by having a clear picture of your upcoming financial changes.

Amongst the many options easily available,choose your options wisely and only after having all the information regarding the loan and the charges.

Get a list of all the charges and calculate your repayment structure accordingly !

SBI Base Rate Cut by 30 Bps on New Year 2018

State Bank of India has cut its base rate by 30 basis points i.e (0.30%). The bank reduced the base rate and BPLR (Benchmark Prime Lending Rate). SBI, which is also the largest lender in the Indian market waived the processing fees on SBI Home Loan till 31^st March 2018. The bank earlier waived the processing fees till 31^st December 2017 but the bank surprised the customers with the new year gift. The base rate before the rate cut was 8.95% and now it has been changed to 8.65%. Remember that this rate cut is for the existing SBI customers only. BPLR have been changed to 13.40% which was 13.70% earlier.

With the change in base rate the retail loan customers will get affected which are around 80 Lakhs. SBI have a deposit base of 26.02 Lakh Crore. These new rates and the waiver will be effective from 1^st January 2018. According to the officials, This reduction is part of the bank’s efforts to ensure transmission of reduction in the policy rates in the recent past. Currently the bank is offering home loan of up to ₹ 30 Lakhs at the interest rate of 8.30% per annum. In case of processing fee waiver, the facility can be availed by the new customers as well as the other customers who are looking for home loan balance transfer to SBI.

The customers who took a home loan at the start of 2016, just before the MCLR (marginal cost of funds-based lending rate) rate regime began (in April that year), would have been paying a home loan rate that is 10-15 basis points above the base rate. So their home loan rate will come down to 8.75 – 8.80% per annum.

Many people who had taken the loan much earlier would be paying a rate that is 150-200 basis points (i.e 1.5% – 2% per annum) above the base rate. After the cut, their home loan rate will stand at 10.15 – 10.65% per annum.

This is the perfect gift for the SBI customers or the one’s who wanted to take loan from SBI. This is the perfect time to do this. Now you can avail loan with numerous benefit from the country’s largest lender.