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.
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 flat 7.50% for both salaried and self-employed applicants.
You get to enjoy the advantage of lower interest rate i.e., 7.50% per annum. In addition to this, the processing fees are also minimal.
You can even extend the loan tenure depending on the amount of loan you have availed. This makes repayment more convenient for you.
In case you want to top-up your loan, you can borrow an additional sum over and above your existing loan too.
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.
Yes, transferring your existing home loan to LIC Housing Finance gives you benefits like affordable interest rates as low as just 7.50% per annum, and minimal processing fees.
If you opt for a top up while availing the LIC home loan balance transfer facility, the interest rate is 7.50% per annum.
Aside from nominal home loan transfer fees, there are no other charges levied when you apply for a balance transfer with LIC HFL.
You can get in touch with the LIC Housing Finance customer support team to check the status of the balance transfer.
Yes, transferring your home loan to LIC HFL allows you to enjoy lower rates of interest on your borrowing.
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.