Features & Benefits | How to Apply | Eligibility | Documents Required
✓ Loan Against Property Balance Transfer Facility ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 9.24%
Facilities like the LIC HFL LAP balance transfer are incredible tools for borrowers. These give you the option to switch lenders and avail better terms during your tenure. As such, lenders like LIC Housing Finance offer attractive deals that you can avail.
Simply put, this facility lets you transfer your existing LAP balance to a LIC HFL at a low rate of interest without any complicated procedures. However, there are charges involved, and you should know about them before you make the switch.
Read on to know more about the LIC loan against property balance transfer facility and how you can avail of it.
Before applying for this loan, you must be aware of the LIC housing loan against property balance transfer interest rates and additional charges.
The following table presents the details of the interest rates and other fees/charges that you will have to pay when availing of this loan.
Types of Fees/Charges |
Rate/Charges Applicable |
Rate of Interest |
9.45% p.a. |
Processing Fees |
1% of the loan amount |
Pre-payment Charge |
2.5% of the loan amount (for fixed rate loan) |
CERSAI Charge |
|
Disclaimer: The interest rates and charges provided in this table may change subject to policy changes introduced by the lender.
Bajaj Markets allows you to apply for an Loan against property balance transfer from LIC Housing Finance and other partner lenders.
The following table is a comparison of the interest rates offered by these lenders. You can choose any of these lenders that suit your financial needs the best and apply for a LAP balance transfer today.
Partners |
Minimum Interest Rate |
10.20% p.a. |
|
9.25% p.a. |
|
9.24% p.a. |
|
12.50% p.a. |
|
13.90% p.a. |
Disclaimer: The interest rates are subject to policy changes of the lending partner.
LIC Housing Finance Loan Against Property Balance Transfer Features and Benefits
Competitive interest rates
You can transfer your existing loan to LIC HFL Loan Against Property and avail the benefit of low interest rates, starting at 9.45% p.a.
Long tenures
LIC HFL offers flexible repayment tenures of up to 15 years, which could help you lower the EMI amount.
No hidden charges
All the charges on a loan against property transfer are communicated upfront, and there are no hidden charges while processing the loan transfer.
Simple documentation process
There is no need for extra documentation and lengthy procedures for an LIC HFL loan against property transfer. You can carry out the process with simple, hassle-free, and quick documentation procedures.
Freedom to use
You will have all kinds of freedom to use the funds issued for any financial need. You will not be required to submit details to LIC HFL additionally.
No prepayment charges
You do not have to pay any prepayment charges if you have opted for a floating interest rate. If you avail a fixed-interest rate loan, then you will have to pay 2.5% of the outstanding loan amount for prepayment.
To avail of this loan, you must fulfil the following LIC Housing Finance loan against property balance transfer eligibility requirements:
Nationality: Applicants must be a citizen and a resident of India
Age: Applicants must be between 21 and 65 years of age
Occupation: Applicants must be a self-employed professional or a salaried employee working in a reputed private company or any government organisation
Monthly income: Applicants should have minimum monthly earnings of ₹25,000
Age of the property: The age of the property to be mortgaged should not be more than 35 years
Here is the list of documents required for the LIC Housing Finance Loan Against Property Balance Transfer.
Proof of identity |
Voter’s ID/Driving Licence/Aadhar card/Employer’s ID |
Proof of residence |
Aadhaar card/Ration card/Telephone bill/Electricity bill/Voter’s ID card |
Filled application form |
A filled and signed application form with a photograph |
Bank statement |
Bank statement for the last six months where you can show your salary or income details |
Salary Slip |
Salary slip of the last three months |
Form 16 |
Form-16 and Income Tax Returns (ITR) details of the past two years |
Documents related to the property |
Photocopies of all documents related to the property that you are going to pledge for the loan |
Home loans for CAs, unlike other forms of loans, are specifically designed to meet the financial demands of Chartered Accountants. This loan can help you make your dream of owning a home a reality.
Make the most of the pre-approved offers
The loans are rapidly processed and paid
The application for the loan and confirmation process is simple and straightforward
Save yourself from various hidden charges and fees
How To Apply for LIC HFL LAP Balance Transfer
You can apply for the LIC Housing Finance loan against property balance transfer both offline and online. For offline procedures, you just have to visit the nearest LIC branch. On the other hand, if you wish to apply for it online, you can do so easily by following the steps provided below:
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Visit the Bajaj Markets website, go to the LAP Balance Transfer page and click on “APPLY NOW”
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Enter your personal details to check your eligibility for an offer
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Select LIC HFL from the list of lending partners that appear
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Estimate the loan amount you could possibly avail through the transfer
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Type in the loan amount you need along with the details of the property to be mortgaged
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Assess your loan details, including all the charges and the net disbursal amount
LIC Housing Finance Loan Against Property Balance Transfer FAQs
It is a facility wherein you can transfer your existing loan against property balance to LIC HFL at more favourable terms. The LIC HFL LAP Balance transfer facility allows you to switch lenders during your tenure.
The LIC HFL LAP Balance Transfer will help you get a lower interest rate, enabling you to pay a lower EMI every month. This will help you save money.
Once all the documentation procedures are carried out and verified, it takes around seven days to two weeks for the transfer process to start.
The LIC Housing Finance loan against property balance transfer is available in all cities across India.
You get to enjoy tax benefits as per Section 24B if you apply for an additional top-up option along with the balance transfer facility, and use it for expenses that qualify for tax benefits.
The LIC housing finance loan against property balance transfer EMI calculator helps you determine the new EMIs payable. This tool calculates the EMIs based on the new and existing interest rates, tenures, and outstanding principal amounts.
The EMI for ₹10 Lakhs mortgage loan in LIC Housing Finance taken for 60 months will be ₹20,977.
The EMI for ₹20 Lakhs mortgage loan in LIC Housing Finance taken for 60 months will be ₹41,955.
The current LIC housing loan against property balance transfer interest rate is 9.45% p.a.
