If you have any emergency requirements that need a significant financial outlay, a loan can be of great help to you. Taking a loan can often get easier if you offer up an asset as collateral. One such solution is the LIC Housing Finance loan against property, which is applicable to all resident Indians. If you are in need of some urgent funds, you can use the LIC HFL loan against property option to take care of your financial needs.
Features and Benefits of LIC HFL Loan Against Property
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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 all avail this financing solution.
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Convenient repayment tenures
The LIC Housing Finance loan against property offers flexible repayment tenures ranging from 1 year to 15 years.
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High loan amount
The minimum loan amount you can avail is Rs. 10 Lakhs, and the maximum is Rs. 15 Cr. So, the loan against property from LIC HFL can meet the needs of all applicants, irrespective of the amount of funds required.
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Wide range of possible end uses of the funds
You can make use of the funds borrowed through the LIC Housing Finance loan against property option to meet any of your needs, right from paying for your child’s wedding or education, to setting up your business or purchasing another property.
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High LTV ratio:
The loan to valuation ratio can be as high as 70% for residential properties and as high as 60% for commercial properties. So, since the amount of loan you can avail depends on the value of your property, a high LTV means you can borrow more funds.
How To Apply For LIC HFL LAP
Planning to avail a loan against property from LIC Housing Finance? Here is how you can apply for the loan online via Bajaj Markets.
Eligibility For LIC HFL LAP
There is the LIC Housing Finance loan against property eligibility criteria that you should know about. These criteria are quite simple and easy to meet. Check out the details below.
Particulars |
Criteria |
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 LAP
Before you avail a loan against property, you also need to get the paperwork in place so there is no delay in processing your application. The documents you need to provide, depending on your nature of employment, as shown below.
Documents required for salaried applicants:
Nature of proof |
Eligible documents |
Identity proof |
|
Address Proof |
|
Income proof |
|
Proof of ownership of property |
Title documents of the property |
Documents required for self-employed applicants
Nature of proof |
Eligible documents |
Identity proof |
|
Address Proof |
|
Income proof |
|
Proof of business |
|
Proof of ownership of property |
|
LIC Housing Finance LAP Interest Rate
Check out the interest rates, processing fees and other charges for the LIC Housing Finance loan against property below.
Particulars |
For salaried individuals |
For self-employed individuals |
Residential property interest rates |
Starting from 9.45% |
Starting from 9.45% |
Repayment Tenure |
Up to 15 years |
Up to 15 years |
LIC Loan Against Property EMI Calculator
Before you avail a loan against your property, you need to get a better idea of your EMIs. And the LIC loan against property EMI calculator can help you with this. The EMI calculator takes into account the following factors to calculate your EMI.
The loan amount
The interest rate
The repayment tenure
Using the LIC loan against property EMI calculator before availing a loan makes it easier for you to plan your finances and create a budget for repayment. It also ensures that you do not borrow over your means.
LIC Housing Finance Customer Care Details
In case you have any doubts about availing the LIC Housing Finance loan against property, or if you want some clarity on the LIC Housing Finance LAP interest rates, you can always reach out to the LIC HFL customer care team by calling +91 2222178600 or writing to customersupport@lichousing.com.
Frequently Asked Questions
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✔️What is LIC Housing Finances loan against property interest rate?
The LIC Housing Finance LAP interest rates begin as low as 9.45% per annum.
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✔️What is the maximum loan tenure I can opt for under the LIC Housing Finance Property loan?
You can repay your LIC Housing Finance LAP within 15 years at most.
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✔️How to increase my eligibility on LIC Housing Finance Mortgage loan?
You can ensure that your CIBIL score is high, since it makes availing a loan easier.
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✔️Can I foreclose my loan? What are the charges applicable?
If your loan comes with variable interest rates, there are no foreclosure charges applicable.
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✔️How much time will the LICHFL LAP process take?
The process is generally fast and simple, and it gets over more quickly if your paperwork is in order.
