LIC Housing Finance Loan Against Property Balance Transfer

LIC HFL Loan Against Property Balance Transfer

LIC Housing Finance allows you to pledge your property to fulfill your needs like funds for higher education, business plans or medical treatment etc. LIC HFL Loan against property is also known as ‘Home Equity Loans’ as it is taken against the security of the house or property you own. Availing Loan Against Property from LIC provides the flexibility to use both residential and commercial property as collateral. Now you can transfer your existing Loan Against Property Balance at a low rate of interest to LIC HFL without any complicated procedures. For this, you can use the LIC HFL Loan Against Property Balance Transfer facility on Finserv MARKETS. 

Features & Benefits of LIC HFL Loan Against Property Balance Transfer

• Competitive interest rates: You can transfer your existing loan to LIC HFL Loan Against Property and avail the benefit of lower interest rates of 8.45% if you are a new customer.

• Long tenures: Flexible repayment tenures of up to 15 years which could help you lower the EMI amount.

• No hidden charges: All the charges on the 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 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 needs and don't have to submit details to LIC HFL additionally.

• No prepayment charges: You don’t have to pay any prepayment charges if you have opted for a floating interest rate. If you are a fixed interest rate customer, then you will have to pay 2.5% of the outstanding loan amount. It can be done only after six months of taking the loan.

How To Apply For LIC HFL LAP Balance Transfer

You can apply for the transfer both offline and online. For offline procedures, you just have to visit the nearest LIC branch. You can choose Finserv MARKETS for easily availing LIC HFL Loan Against Property Balance Transfer facility online. Follow the below-mentioned steps to transfer your LIC HFL LAP Balance.

1. Enter your personal and professional details to know whether you are eligible for the LIC HFL Loan Against Property transfer.

2. Once this is assessed, you will know if you are qualified or not, instantly.

3. Select LIC HFL from the list of lending partners that appear.

4. Estimate borrowing power or the loan amount you could possibly avail through the transfer.

5. Type in the loan amount you need along with the details of the property to be mortgaged.

6. Assess your loan details, including all the charges and the net disbursal amount. 

7. After this stage, a loan expert executive will contact you to process your application further.

Eligibility For LIC HFL LAP Balance Transfer

• Nationality - Must be a citizen and a resident of India.

• Age - Age should be between 21 and 65 years.

• Occupation - A self-employed professional or a salaried employee working in a reputed private company or any government organization.

• Monthly income - Both a self-employed professional and a salaried employee should have a minimum monthly earnings of Rs. 25000.

• Age of the property - Age of the property to be mortgaged should not be more than 35 years.

Documents Required For LIC HFL LAP Balance Transfer

Here is the list of documents required for LIC HFL Loan Against Property Balance Transfer.