✓ Loan Against Property from ₹2 Lakhs to ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 9.24% Apply Now

When any emergency requirements need a significant financial outlay, a loan can be of great help to you. Taking a loan can get easier when an asset is used as collateral. 

 

One such solution is the LIC Housing Finance loan against property, which is applicable to all resident Indians. So, when you need some urgent funds, you can use the LIC HFL loan against the property option to help you manage your financial emergencies. Read on to learn about a few unique features of LIC loan against property (LAP) and the process of applying for one on Bajaj Markets. 

LIC HFL Loan Against Property Interest Rates and Charges 2023

Check out the table below for LIC lap interest rates, processing fees and other charges for the LIC Housing Finance loan against property.

Particulars

Salaried Individuals

Self-Employed Individuals

Residential property interest rates

Starting from 9.45% p.a.

Starting from 9.45% p.a.

Processing Fees

1% of the total loan amount + applicable taxes

1% of the total loan amount + applicable taxes

Prepayment Charges

  • Prepayment of LIC loan against property possible after the completion of 12 EMIs

  • No prepayment charges for floating interest rates

  • Prepayment of LIC loan against property possible after the completion of 12 EMIs

  • No prepayment charges for floating interest rates

Foreclosure Charges

Nil for floating interest rates

Nil for floating interest rates

Disclaimer: The interest rates and charges mentioned are subject to change as per the policies of the lender.

Compare LIC HFL Loan Against Property With Other Partners

Here is a table comparing LIC LAP rate of interest with several other lending partners on Bajaj Markets.

Name of the Partners

 Interest Rate (% p.a.)

Bajaj Housing Finance Limited

10.10% p.a.

PNB Housing Finance Limited

9.24% p.a.

HFFC

14.00% p.a.

ICICI Bank

10.60% p.a.

Shubham Housing Finance

13.90% p.a.

Shriram Housing Finance

14.75% p.a.

Disclaimer: The interest rates can vary for each lending partner and are subject to change at the financial institution’s discretion.

LIC HFL Loan Against Property EMI Calculator

Before availing a LIC loan against property or any credit, knowing your EMIs helps you make an informed decision. The LIC loan against property EMI calculator can quickly help you compute your monthly instalments.

 

The EMI calculator considers the following factors to calculate your EMI:

  • The loan amount  

  • The interest rate

  • The repayment tenure

 

Hence, using the LIC loan against property EMI calculator before opting for a loan makes it easier to plan your finances and create a budget for repayment. This also ensures that you only borrow within your means.

 

Be it a LIC home loan against property or any other liability, calculating EMIs is the smart way to better management of finances.

LIC HFL Loan Against Property - Features & Benefits

Easy Availability

The LIC HFL loan against property option is available to all resident Indian individuals. Self-employed professionals, salaried individuals and self-employed business owners can avail this financing solution.

Convenient Repayment Tenures

The LIC Housing Finance loan against property offers flexible repayment tenures ranging from 1 year to 15 years.

High Loan Amount

The minimum loan amount you can avail is ₹10 Lakhs, and the maximum is ₹15 Crores. So, the loan against property from LIC HFL can meet your requirements, irrespective of the required amount.

Wide Range of Possible End Uses of the Funds

You can use the funds borrowed through the LIC Housing Finance loan against the property option to meet your needs, from paying for your child’s wedding or education to setting up your business or purchasing another property.

High LTV ratio

The loan-to-valuation ratio can be as high as 70% for residential properties and 60% for commercial properties. Since the sanction you can avail depends on the value of your property, a high LTV means you can borrow more funds. 

LIC HFL Loan Against Property Eligibility

Here are the eligibility parameters you need to meet when availing a LIC loan against property.

Particulars

Requirement

Nature of employment

Salaried and self-employed

Minimum age

21 years

Maximum age

65 years

CIBIL score required

700

Eligible properties

Residential or commercial properties, whether self-occupied, rented or vacant

 

Documents Required for LIC HFL Loan Against Property

Before you avail a LIC loan against property, get the paperwork done promptly to avoid delays in the application processing. Here are some important LIC loan against property documents required.

 

1. Documents Required for Salaried Applicants:

Nature of Proof

Eligible Documents

 

 

 

Identity Proof

· Driving licence

· Aadhaar card

· Passport

· Voter ID

 

 

 

 

Address Proof

· Aadhaar card

· Ration card

· Voter ID

· Electricity bill

· Telephone bill

 

Income Proof

· Form 16

· Bank statements

· Salary slips

Proof of Ownership of Property

Title documents of the property

 

2. Documents Required for Self-Employed Applicants

Nature of Proof

Eligible Documents

 

 

 

Identity Proof

· Driving licence

· Aadhaar card

· Passport

· Voter ID

 

 

 

 

Address Proof

· Aadhaar card

· Ration card

· Voter ID

· Electricity bill

· Telephone bill

· Registered rent agreement

 

 

Income Proof

· Bank statements

· ITR

· Audited financial statements, including balance sheet and profit and loss account

 

 

 

 

Proof of Business

· Partnership deed

· Memorandum of Association and Articles of Association

· Certified copies of the list of directors/shareholding partnership/profit sharing ratio

· LLP agreement

Proof of Ownership of Property

· Title documents of the property

· Business address proof

Read More

How to Apply for a LIC HFL Loan Against Property Online

Now that you know about the LIC loan against property processing fee, eligibility criteria and documentation, here is how to apply online via Bajaj Markets.

  • Enter Your Details

    Click on “Apply Now” and enter your personal details to check your eligibility for an offer.

  • Choose Your Lending Partner

    Select LIC Housing Finance Limited as your lending partner.

  • Check Your Borrowing Power

    Estimate the maximum amount of loan you can avail from LIC HFL via Bajaj Markets.

  • Mention the Requirement & Property Details

    Enter the loan amount you plan to avail and fill in the property details for which you are taking the loan.

  • Unlock the Final Details

    Find out the details of your loan, the charges and the net amount to be disbursed. After this, a loan expert will contact you and help process your application further.

LIC HFL Loan Against Property FAQs

You can repay your LIC Housing Finance LAP within a tenure of 15 years.

Ensuring your CIBIL score is high makes availing a loan easier.

Your LAP EMI is calculated based on the loan amount, tenure of the loan and applicable interest rates. You can compute EMIs instantly by using an EMI calculator.

There are no prepayment charges on loans with floating interest rates. However, you need to pay 12 EMIs before you can prepay your LIC loan against the property.

The processing fee is 1% of the total loan amount, along with applicable taxes.

Yes, you have the option to top-up your LIC LAP. However, make sure you apply for the same during the residual tenure of your loan.

No, it is necessary to submit proof of income when availing a LIC loan against property.

Yes, you can avail tax benefits up to ₹2 Lakhs when the amount is used to fund a new house.

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