✓ Home Loan Balance Transfer Facility ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.50% Apply Now

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.

LIC Housing Finance Home Loan Balance Transfer Interest Rates and Charges 2023

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:

Charge Type

Particulars

Interest Rate

8.65% onwards

Processing Fees

₹10,000, ₹50,000 or 0.25% of the loan amount + GST

Prepayment charges

NIL on floating interest rates 

*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.

Compare LIC Housing Finance Home Loan Balance Transfer Interest rates

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.

Lender

Interest Rate (% p.a.)

Bajaj Housing Finance Limited

Starting at 8.95% p.a.

ICICI Bank

Starting at 8.75% p.a.

Kotak Mahindra Bank

Starting at 9.00% p.a.

PNB Housing Finance Limited

Starting at 8.50% p.a.

Shriram Housing Finance

Starting at 11.50% p.a.

Shubham Housing Finance

Starting at 10.90% p.a.

Union Bank of India

Starting at 8.50% p.a.

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

LIC Housing Finance Home Loan Balance EMI Calculator

Outstanding Loan Amount
Tenure
  • Months
  • Years
New Rate of Interest
%

Monthly EMI

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest Amount
Year Principal Interest Balance

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.

LIC Housing Home Loan Balance Transfer Features and Benefits

Attractive interest rates

You get to enjoy the advantage of a lower interest rate and minimal processing fees.

Extended loan tenures

With the LIC Housing Finance balance transfer facility, you can extend your loan tenure depending on the loan amount you avail. This makes repayment more convenient.

Option to top-up your loan

You can borrow an additional sum over and above your existing loan at affordable rates of interest with LIC Housing Finance. 

LIC Housing Finance Home Loan Balance Transfer Eligibility Criteria

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

Documents Required for LIC Housing Home Loan Balance Transfer

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

How to Apply for a LIC Housing Finance Home Loan Balance Transfer?

Follow these easy steps to apply for the LIC HFL balance transfer facility and benefit from affordable repayment:

  • Click on the ‘APPLY NOW’ on this page

  • Enter your personal, employment and income information in the online application form

  • Select LIC Housing Finance Limited as your preferred lender

  • Enter the loan amount and the repayment tenure

  • Await contact from an executive for the next step of processing if you meet the eligibility terms and your application is approved

LIC Housing Home Loan Balance Transfer FAQs

Yes, by transferring your home loan to LIC Housing Finance, you can take advantage of attractive interest rates as low as 8.65% per annum. The LIC home loan balance transfer processing fees are also minimal. This provides a cost-effective way for you to manage your home loan and potentially save money in the long run.

 

You can get in touch with the LIC Housing Finance customer support team to check the status of your balance transfer application.

 

Yes, transferring your home loan to LIC HFL allows you to enjoy lower rates of interest on your home loan and save money during repayment. 

 

Your EMI depends on the repayment tenure you choose as well as the LIC home loan balance transfer interest rates you get. Use the LIC HFL home loan balance transfer EMI calculator to check the EMIs for a loan of ₹20 Lakhs.

The LIC HFL home loan balance transfer EMI calculator works as per the figures you enter and provides error-free results. 

 

The EMI amount you pay will be the same every month. Remember, the interest component in each EMI decreases since they are computed as per the reducing balance method.

 

Using the LIC HFL home loan balance transfer EMI calculator is helpful as it allows you to see if you can save money before you transfer your home loan. It also helps you plan for repayment. 

 

To obtain the interest or repayment certificate, go to the LIC Housing Finance customer portal and log in. Under ‘Activities’, select ‘Repayment Certificate’ and choose the loan and year you need it for. Proceed by clicking ‘Download Repayment Certificate’ and use it for your IT filing needs. 

 

Home
active_tab
Offers
active_tab
Download App
active_tab
Credit Score
active_tab