LIC Housing Finance Limited offers various kinds of home loans to individuals who are planning to realize their dream of homeownership or home renovation. Among the many kinds of loans that LIC HFL offers is the home loan balance transfer facility. By opting for a home loan transfer, you can enjoy benefits like better interest rates and the option to top up the loan if you need to.
But before you make a new plan to transfer your existing home loan to LIC HFL, you need to know if you are eligible for this facility. And here is where the LIC Housing Finance home loan balance transfer eligibility calculator can help you. The eligibility criteria that the calculator uses include salary, age, and the property’s value.
LIC HLBT Eligibility Based on Income
The LIC Housing Finance home loan balance transfer eligibility criteria pertaining to income are as follows.
If you are a salaried person applying for a home loan balance transfer to LIC HFL, your monthly income must be at least as listed below, depending on whether you are from a metro or non-metro city.
Rs. 35,000 if you live in a metro city
Rs. 25,000 if you live in a non-metro city
On the other hand, if you are a self-employed person, the annual profit after tax (PAT) is used as the benchmark to evaluate your eligibility for a home loan balance transfer from LIC Housing Finance Limited. Here are the LIC Housing Finance home loan balance transfer eligibility criteria for self-employed people based on their income.
Annual PAT of Rs. 6 Lakhs if you live in a metro city
Annual PAT of Rs. 4 Lakhs if you live in a non-metro city
LIC HLBT Eligibility Based on Age
The age of the applicant also plays an important role in determining the LIC Housing Finance home loan balance transfer eligibility. The applicant’s minimum age must be at least 21 years of age.
As for the maximum age that the applicant must be when the loan matures, it depends on the nature of their occupation, as follows.
In case of self-employed persons not over 70 years at the time of loan maturity
In case of salaried persons not over the retirement age at the time of loan maturity
HLBT Eligibility LIC Based on Value of Property
The value of the property also plays a major role in determining the LIC Housing Finance home loan balance transfer eligibility. More specifically, the loan amount depends on the value of the property. Here is a closer look at these criteria.
90% of the property value for loans up to Rs. 30 Lakhs
80% of the property value for loans between Rs. 30 Lakhs and Rs.75 Lakhs
75% of the property value for loans above Rs. 75 Lakhs
The home loan balance transfer facility from LIC Housing Finance can be very useful if you are looking for more favorable terms and conditions for your existing housing loan. And the LIC Housing Finance home loan balance transfer eligibility calculator can help you identify if you are eligible to avail this facility. So, make sure that you use this nifty online tool to figure out your eligibility before you avail the home loan balance transfer facility from LIC Housing Finance Limited.
LIC HFL Home Loan Balance Transfer EMI FAQs
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✔️ Can we transfer a loan to LIC?
Yes, you can use the home loan balance transfer facility to transfer your existing home loan to LIC Housing Finance Limited.
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✔️Can a housing loan be transferred from one bank to another?
A housing loan can certainly be transferred from one bank to another. In fact, this is exactly what the home loan balance transfer facility from LIC Housing Finance is all about.
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✔️How can I make a prepayment for my LIC HFL loan?
You can make a prepayment for your LIC HFL loan via internet banking or through Finserv MARKETS. If you are an individual, no prepayment charges will be applicable to you, except in case you do not use your own funds for the repayment.
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✔️ How can I transfer my LIC home loan from one branch to another?
If you wish to transfer your LIC Housing Finance home loan from one branch to another, you can place a request through your internet banking or mobile banking portal.
