Getting your own home in 21st 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.
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