LIC Housing Home Loan Balance Transfer

Have you taken a housing loan from a different lender and discovered that LIC Housing Finance offers more affordable interest rates? You can benefit from these rates with the LIC HFL home loan balance transfer facility. 

By transferring your existing loan from any other bank or NBFC to LIC Housing Finance, you can enjoy several benefits. They include: 

• Top-up facility for additional finance 
• Better interest rates
• Extended repayment tenures

Choose this facility to save money and enjoy a hassle-free home loan experience.

Read on to learn more about LIC HFL home loan balance transfer features, interest rates, and eligibility.

The main reason to transfer your existing house loan from a different lender to LIC Housing Finance is to enjoy lower rates of interest. However, LIC home loan balance transfer interest rates depend on various factors such as: 

• Amount of loan borrowed
• Your CIBIL score
• Nature of your occupation, whether salaried or self-employed

So, having a good credit score and a steady source of income is essential to ensure you get the best possible rates. By meeting these qualifying criteria, you can enjoy the benefits of the LIC Housing Finance balance transfer facility. 

It is thus important to be aware of the interest rates that apply to you before considering a home loan transfer with LIC. Apart from interest, you also need to pay a processing fee. 

Lastly, check if prepayment charges apply on the LIC home loan balance transfer facility.

See the table below for a snapshot of the interest and other charges that apply:

*Disclaimer: The interest rate, processing and prepayment charges are subject to change as per LIC Housing Finance. Check them from the official website of the lender before applying.

With a good credit score, you can enjoy the best LIC home loan balance transfer interest rates. At Bajaj Markets, you can not only apply with ease, but also compare the rates offered by LIC Housing Finance with other partner lenders. 

The following table presents the LIC HFL balance transfer interest rate as well as those offered by other banks and NBFCs offering this facility on Bajaj Markets. This will help you to find the ideal option for yourself.

Disclaimer: These home loan balance transfer interest rates are indicative and subject to change at the lenders’ discretion. 

Computing your EMIs helps with repayment planning, and the same applies when you plan to transfer your home loan. Use the free online LIC HFL home loan balance transfer EMI calculator to check your savings before you transfer your housing loan. 

The calculator can assist you in getting your EMIs in just a few clicks and is incredibly user-friendly as well. Simply input the loan amount, tenure and interest rate to get your monthly instalments. 

The LIC HFL home loan balance transfer EMI is determined using the reducing balance method. Here, the interest is calculated on the outstanding principal amount each month. As the loan outstanding reduces with every EMI payment, the interest component decreases accordingly.

You must fulfil the eligibility criteria to qualify for the LIC Housing home loan balance transfer facility. Here is the list of the LIC Housing Finance home loan balance transfer eligibility criteria:

• You should have an existing home loan from any bank or NBFC except LIC HFL 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 old 

• In case you are a salaried applicant, 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

When applying for the LIC housing loan balance transfer, you must submit a few documents. Here is the list of LIC home loan balance transfer documents required.

• 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: Bank statements from the previous 6 to 12 months, Salary slips and Form No.16 for salaried individuals/Previous 3 years’ income tax returns and financials for self-employed individuals

• Property-related documents: Proof of ownership of property/Allotment letter from the builder or society for flats/Up-to-date receipt of tax paid

• 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