✓ Loan Against Property Balance Transfer Facility ✓ Multiple Lending Partners ✓ Attractive Interest Rates

LIC HFL was established in June 1989 by LIC and offers home loans and loans against property in both urban and rural India. LIC housing loan against property balance transfer gives you the option to transfer your current loan from another bank to LIC. LIC HFL uses an eligibility calculator to check the eligibility of the customer. A loan eligibility calculator is a financial instrument that assists borrowers in determining their house LAP loan eligibility for LIC HFL limited. A borrower must submit his net monthly income, age, and other loan obligations in order to calculate and evaluate loan eligibility using the calculator. The loan eligibility calculator calculates the loan amount you are qualified for, as well as the interest rate, emi, loan amount, and loan tenure. 

Below are the details needed for acquiring a house loan.

Eligibility Criteria

Details

Age

21 years - 65 years

Minimum Income

₹ 25,000

         Work Experience (Salaried)

2 years

Work Experience (Self-employed)

2 years

Loan Amount that can be Sanctioned

Rs. 50 Lakhs -  Rs. 15 Crores

Maximum EMI as Income Percentage

Up to 65%

Maximum Loan as Property Percentage

Up to 90%

Before applying for a LAP, it's a good idea to double-check your loan eligibility.

LIC Housing Finance LAP Balance Transfer Eligibility Criteria

With the help of LIC’s loan against property balance transfer, you will be able to pay reduced interest rates and cut down your EMIs on the loan. You could also get lower-interest top-up loans for your loan. This feature is easily accessible to both salaried and self-employed persons. To be eligible for this service, you must have a high CIBIL score (700 and above). LIC HFL loans against property balance transfer interest rates are determined by the amount of your existing loan and may differ for salaried and self-employed persons. LAP balance transfer rate is 7.80%, with a payback term of up to 30 years. 

Here are the details for a LAP balance transfer eligibility. 

 

  • The person should be a citizen of India.

  • Non-residents of India are also eligible for a LAP balance transfer.

  • Individuals who are salaried or self-employed and have a steady source of income can apply for a LAP balance transfer. 

  • The minimum age of the person should be 21 years.

  • The maximum age of the individual should be 65 years.

Documents Required for LIC LAP Balance Transfer

Below is the detailed information about the documents required for a LAP balance transfer. 

Address proof:

 

  • Aadhaar card

  • Utility bills

  • Ration card

  • Voter ID card

Identity proof:

 

  • Recent passport size photograph

  • Driving license

  • Employer’s Id

  • Voter Id card

  • Aadhar card

Documents required for KYC:

 

  • Address proof

  • PAN card

  • Aadhaar card 

  • Passport is required for non-resident Indians

Income proof:

 

  • Bank statements from the previous six months to a year are required

  • Form 16 and pay stubs for salaried persons

  • Income tax returns from the previous three years, as well as other financial documents, are required for self-employed and professional individuals

Property documentation (if the property has already been selected)

 

  • Tax revenues that have been paid and are up to date

  • For residences, a letter of allocation from the housing society or builder is required

  • Property ownership certificate

Frequently Asked Questions

  • ✔️What is the security required to avail of a LAP?

    The Loan Against Property plan is a secured personal loan that you may obtain by committing your property as collateral or security.

     

  • ✔️How does LIC HFL calculate loan amount eligibility?

    LIC HFL uses an eligibility calculator to check the eligibility of the customer. A loan eligibility calculator is a financial instrument that assists borrowers in determining their mortgage LAP loan eligibility for LIC HFL limited. A borrower must submit his net monthly income, age, and other loan obligations in order to calculate and evaluate loan eligibility using the calculator.

  • ✔️Is it mandatory to have property insurance?

    It is not required to get property insurance coverage from a bank in order to obtain a loan. Neither the legislation nor regulatory authorities such as the RBI or IRDAI require the acquisition of a home loan protection plan in conjunction with a loan. Although it is advisable to obtain insurance coverage when taking out a loan, you are under no obligation to do so, whether from a bank or a non-banking financing organization.