Get All Information on LIC Housing Finance Home Loan

LIC Housing Finance provides loan for purchase/Plot purchase of your dream house or construction, extension, repair/renovation of your existing house. LIC Housing Finance is one of the largest housing finance company in India. The Company also provides finance on existing property for business / personal needs and also gives loans to professionals for purchase / construction of Clinics / Nursing Homes / Diagnostic Centres / Office Space and also for purchase of equipments. The Company also provides long term finance to persons engaged in the business of construction of houses or flats for residential purpose and to be sold by them.

Minimum loan amount of ₹ 1 Lakh can be availed by the customer in the name of home loan. LIC Home Loan is a easy way to get your dreams come true. With its quick loan disbursal and enhanced assistance one can end there financial struggle.

An individual residing in India, non-resident Indian and pensioners are entitled to avail LIC Home Loans. Individuals either being salaried employees, self-employed professionals and businessmen are also eligible for availing LIC Home Loans. Pensioners below and above the age of 70 years are eligible to get loan from LIC Housing Finance Ltd.

LIC Housing Finance Ltd. Provides home loan for resident & non resident indians as well as for pensioners.

Repayment Clause

Maximum loan repayment period for Salaried individuals is 30 years whereas for self employed it is 20 Years.

For Non – resident individuals with professional Qualification is 20 Years & For Others it is 15 Years.

For pensioners, The term of the loan will be up to 15 years or 70 years of age whichever is earlier.

LIC Housing Finance EMI Calculator

EMI calculator is a tool through which one can easily 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 you can all the details regarding your loan.

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. An example has been provided down below.

Suppose a person wants to avail home loan of ₹ 15 Lakhs at the Interest Rate of 9.5% for a period of 10 years then the details will be as follows :-

Monthly EMI – ₹ 19409.63 /-

Total Amount with Interest – ₹ 2329155.6 /-

Total Interest Amount – ₹ 829155.6 /-

Yearly Interest Amount – ₹ 82915.56 /-

Yearly Calculated Values
Year	Principal	Interest	Balance Amount
1	Rs. 94,463	Rs. 138,457	Rs. 1,405,537
2	Rs. 103,836	Rs. 129,084	Rs. 1,301,701
3	Rs. 114,146	Rs. 118,774	Rs. 1,187,555
4	Rs. 125,473	Rs. 107,447	Rs. 1,062,082
5	Rs. 137,925	Rs. 94,995	Rs. 924,157
6	Rs. 151,614	Rs. 81,306	Rs. 772,543
7	Rs. 166,661	Rs. 66,259	Rs. 605,882
8	Rs. 183,201	Rs. 49,719	Rs. 422,681
9	Rs. 201,384	Rs. 31,536	Rs. 221,297
10	Rs. 221,449	Rs. 11,548	Rs. 0

 

Read More: How to avoid Personal Loan Rejection

PNB Pride Housing Loan For Government Employees

Punjab National Bank is offering PNB Pride Housing Loan product especially for government employees. Special offers and rates are offered to the employees other than other value added benefits. If you are a permanent employee of Central or State Government, Defence Personnel & Paramilitary forces. Loan can be availed individually or as joint owners.

Various Purpose of Getting Pride Housing Loan

Loan can be availed for construction, purchase of house or flat. Also for For purchase of under construction house/flat from Housing Boards/ Development Authorities/ Co-operative Societies/ Approved Private Builders/ Projects, PNB finances the borrowers.

If you want to improve, repair, renovate or make alterations to the house/flat then you may avail loan.

New land or plot can be purchased through PNB Pride Housing Loan.

Loan Amount You Can Get Under PNB Pride Home Loan

For Construction/Additions/Purchase of House/Flat – Need based loan depending upon the project cost and repaying capacity.

For purchase of Land/ Plot for House Building – Maximum ₹ 1 Crore for State Capitals & Metro and ₹ 50 lakhs for other centers; (Higher amount may be considered on individual merit of case)

For Repair, renovation, alterations – Maximum ₹ 25 Lakhs

{Cost of furnishing may include in the project cost with maximum up to 10% of eligible housing loan with a maximum of ₹ 5 Lakhs}.

PNB Pride Home Loan Interest Rates

Schemes	Limit Up to Rs. 75 Lac	Limit above Rs. 75 Lac
Floating PNB PRIDE (Housing)	MCLR+0.20%	MCLR+0.25%
Fixed PNB Pride	Floating (PNB PRIDE) +0.50%

What Makes PNB Pride Loan Different ?

The Bank charges zero processing or upfront fees as well as no documentation charges are levied on your loan amount.

At attractive interest rates you get loan above ₹ 75 Lakhs for your dream home.

Easy loan procedure is followed along with minimal documentation requirements.

Repayment Clause

If the loan is taken for repair/renovate/alteration of the house or flat then, loan is to be repaid over a maximum period of 15 years inclusive of moratorium period otherwise 30 years.

Factors Affecting Loan Repayment

The income of the spouse and earning children (whether married or unmarried) and of the joint owners can be added for determining the income for the purpose of borrowers` repaying capacity. In such cases, they should be made co-borrower.

Father/Mother can also be made as co-borrower in cases where property is in the single name of his/her son and also clubbing of their income be permitted for the purpose of eligibility/repayment of loan.

Likely rental income, If the property is to be let out may also be added for determining the repaying capacity.

Repayment Added Benefits

Till completion of construction or additions to the house or 18 months from the date of disbursement of first installment of the loan, whichever is earlier, the borrower doesn’t need to pay i.e it is considered as repayment holiday or moratorium period.

In case of repairs/ renovation / alterations to the house/ flat – Till completion of repairs/ renovation / alterations or 6 months, from the date of disbursement of first installment of the loan, whichever is earlier.

For purchase of ready built House/ flat OR land/plot – Till the date of possession or 3 months from the date of advance, whichever is earlier.

PNB Home Loan EMI Calculator

Getting home loan from PNB is easy and quick. Use Home Loan EMI Calculator to estimate your Home Loan EMI and also analyse interest and outstanding principal repayment. EMI calculator stands for Easy Monthly Installment Calculator. As the name suggests, It clearly means that this calculator helps the loan borrower in giving a clear idea of future loan repayment. It gives the accurate amount that you need to pay towards your loan EMIs. Details such as loan amount, tenure & rate of interest are required to know further details on EMI Calculator in less than a minute.

How To Apply For PNB Pride Housing Loan ?

Applying for home loan is easy. You can fill the above given form with your personal and professional details and submit to get instant quote on your loan eligibility in minimal time period.

Read More – How to Avoid Personal Loan Rejection

5 Important Tips Before Getting Your First Home Loan

As the urbanisation is increasing, So is the need for getting a house that suits your lifestyle. For fulfilling this dream you don’t need to have lumpsum amount in your pockets and of course as a common man nobody even think of owning a dream house in today’s scenario. Approaching banks for getting the loan is just the secondary thing but primarily it’s important to keep note of some things that are essential for you before getting your hands on the loan amount.

According to the Social Media Exposures, Most of the people fail to repay their loan and comes under the defaulters list. This happens due to the incapability paying your loan EMIs on time. So before going to the bank you need to know few things.

Here are the 5 most important tips that you should know before getting your first home loan.

Know your repayment capacity – First things first, You need to know about your financial status. There must be expenses linked with your lifestyle. Try and note them down so that you are able to take out a clear picture out of it.

Manage your expenses – Once you have taken loan try and figure out your expenses. Manage your monthly spends keeping the fact in mind that you have to pay your next month EMI. it’s not necessary to spend more than your capability when you have a loan going on.

Plan Your EMIs – The most important factor after your loan disbursement is your plannings on how you are going to take out the EMIs (Easy Monthly Installments) every month. You can also calculate your EMIs with Home Loan EMI Calculator. You need to have funds every month. If one month you are unable to pay your monthly installment due to some emergency then you might have to pay the next month EMI with penal charges and other bounce charges. Not only this but your financial health also gets affected. Secondly, If you are having loans already going on then try and avoid taking too much credit as it can put you through trouble.

Don’t spend more than your requirements – Try not to consume the whole credited money and even if you are doing so, Try and do it in a more uniform way. Have a more systematic approach towards your financial portfolio.

Make sure to have an ideal CIBIL Score – Banks foremost criteria to judge your eligibility of getting loan is your CIBIL Score for that you need to have a sound CIBIL Score. This credit score comes with your loan repayment regularity and how swiftly you carry out your credits.

How can you get home loan from State Bank of India

State Bank of India is the leading banking institution which provides financial services to it’s customers. Being an Indian Multinational Bank, It is one of the most trusted bank in the market. SBI has its headquarters in Mumbai, Maharashtra. The bank provides loan for every financial need & requirement at individual basis. It’s products are customized according to the customer’s convenience.

If you are someone who wants to avail home loan from State Bank of India and confused about the procedure then you are at the right place. You can get Home Loan from SBI via easy procedure & attractive interest rates. You can also check your Equated Monthly Installments with Home Loan EMI Calculator on the desired home loan amount and tenure.

SBI offers Home Loan for Purchase, Construction, Renovation or Extension/ Improvement of the new entity for a maximum period of 30 years. On an average, SBI takes 3 – 10 working days for loan disbursement after satisfactory completion of documentation.

Refer to the information given below to know more about Home Loans from SBI.

Also, apply for SBI Home Loan today and get quick loan disbursal. Fill in your personal and professional details to get instant quote and know your eligibility.

Eligibility Criteria

Indian Citizen

The borrower should be an Indian Resident or an NRI to avail the loan up to an age of 70 years.

Your age must be above 18 years or more, at the commencement of loan.

Self – employed or salaried individuals can apply for the Home Loan.

NRIs (Non Resident Indians)

Total work experience of 2 years in India or abroad is required.

NRIs with a job contract for a minimum period of 2 years abroad after completion of 6 months in the employment and presently holding a valid job contract /work permit.

Indian citizens working abroad on assignments with foreign Governments/ government agencies or International/Regional Agencies are eligible to apply for Home Loan.

SBI offers home loan product in different schemes. According to your need. Here are the types of Home Loan provided by SBI :-

SBI Max Gain Home Loan

SBI Yuva Home Loan

SBI NRI Home Loan

SBI Realty Home Loan

SBI Pal Home Loan

SBI Tribal Plus Home Loan

SBI Gram Niwas Home Loan

SBI Flexi Pay Home Loan

SBI Hamara Ghar Home Loan

SBI Privilege Home Loan

SBI Shaurya Home loan

SBI Bridge Loan

Her Ghar Scheme

With all the above mentioned types, SBI Home Loan also offers balance transfer loan & loan against property facility.

Rate of Interest offered by SBI on home loans ranges from 8.35 to 8.60% which is subject to change depending on bank’s terms & conditions from time to time.

SBI charges no hidden cost. Processing Fee is 0.35% of Loan Amount subject to a minimum of Rs 2000/- plus applicable taxes and Maximum of Rs 10,000/- plus applicable taxes

How to apply ?

You can apply for home loan online through the SBI official website or via offline mode by visiting the branch itself.

Alternatively, You can call on 1800 425 3800, 1800 11 2211 or 080-26599990 (toll number).

Security / Collateral

Mortgage of property or Tangible security.

Additional security may be required in case where the house is under construction.

Documents required to avail the loan

Identity Proof – PAN Card, Driving License, Voter ID, Aadhaar Card

Proof of Income – Salaried applicants – Latest 3 month salary slip, Form 16 of the last 3 years.

Self – Employed Individuals – IT returns for the past 2 years and computation of income for the last 2 years as certified by a CA.

Documents required at the time of possession

Original copies of the chain of title agreements and Building Plan approvals

Original registration and stamp duty receipts

Possession Letter

NOC from the Society or any other concerned body confirming that there is no objection to the transfer.

Original share certificate (In case of societies)

Proof of payment of all dues like maintenance charges, electricity bills, phone, water and property taxes up to the date of handing possession.