Have you already borrowed a housing loan from a different lender and only just discovered that LIC Housing Finance offers affordable rates of interest? Worry not, because you too can get the benefit of low interest rates from LIC HFL, thanks to the LIC home loan balance transfer facility.
By availing this facility, you can transfer your existing loan with any other bank or NBFC to LIC Housing Finance. This gives you many benefits like a top-up facility, better interest rates and extended repayment tenures.
LIC Home Loan Balance Transfer Interest Rate
When you transfer your existing house loan from a different lender to LIC Housing Finance, one of the primary benefits you get to experience is more affordable rates of interest. The interest rates on LIC HFL home loans depend on various factors like the amount of loan borrowed, the CIBIL score of the borrower and the nature of the borrower’s occupation, whether salaried or self-employed.
Before you avail the home loan transfer facility, it’s a good idea to get to know the interest rates that may be applicable to you. The interest rate for home loan balance transfer is 8.65% for salaried applicants and 8.65% for self-employed applicants.
LIC HFL Home Loan Balance Transfer: Features & Benefits
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Attractive interest rates
You get to enjoy the advantage of lower interest rate i.e., 8.65% per annum. In addition to this, the processing fees are also minimal.
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Extended loan tenures
You can even extend the loan tenure depending on the amount of loan you have availed. This makes repayment more convenient for you.
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Option to top-up your loan
In case you want to top-up your loan, you can borrow an additional sum over and above your existing loan too.
LIC HFL Home Loan Balance Transfer: Eligibility & Documents
- You need to have an existing housing loan with any bank or NBFC other than LIC Housing Finance Limited.
- You should possess a No-Objection Certificate (NOC) from your lender.
- You should have repaid at least 12 EMIs on your housing loan.
- You must be at least 21 years of age.
- In case you are a salaried person, your age at the time of loan maturity should not be more than your retirement age.
- In case you are self-employed, your age at the time of loan maturity should not be more than 70 years.
- Identity proof: PAN card/Aadhaar card/Passport (in case of NRIs)/Driving licence
- Address proof: Aadhaar card/Passport (in case of NRIs)/Voter’s ID/Utility bill/Driving licence
- Income proof: Salary slips and Form No.16 for salaried individuals/Previous 3 years’ income tax returns and financials for self-employed individuals/Bank statements from the previous 6 to 12 months
- Property-related documents: Proof of ownership of property/Allotment letter from the builder or society for flats/Up to date tax paid receipt
- Other documents: Loan statement for existing loan/A list of the property documents submitted to the existing lender/The bank statement for the last 12 months for the account from which EMIs have been paid
How to Apply for LIC HFL Home Loan Balance Transfer on Bajaj Markets
FAQs on Home Loan Balance Transfer
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✔️Can I transfer my LICHFL home loan to another person?
No. Once you have borrowed funds from LIC HFL as the primary borrower, you cannot transfer the liability to repay the loan to another person.
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✔️Is it good to transfer a home loan to LIC?
Yes, transferring your existing home loan to LIC Housing Finance gives you benefits like affordable interest rates as low as just 8.65% per annum, and minimal processing fees.
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✔️Are there any charges while applying for LIC home loan balance transfer?
Aside from nominal home loan transfer fees, there are no other charges levied when you apply for a balance transfer with LIC HFL.
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✔️ How can I check the status of my LIC Housing Finance home loan balance transfer?
You can get in touch with the LIC Housing Finance customer support team to check the status of the balance transfer.
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✔️Is transferring the home loan worth it?
Yes, transferring your home loan to LIC HFL allows you to enjoy lower rates of interest on your borrowing.
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✔️What is the EMI for 20 Lakhs on a LICHFL home loan?
That depends on the rate of interest and the repayment tenure. You can use the LIC HFL home loan calculator to check the EMIs for a loan of Rs. 20 Lakhs.
