✓ Loan Against Property from ₹15 Lakhs to ₹5 Cr ✓ Multiple Lending Partners ✓ Attractive Interest Rates

If you are looking for a convenient, affordable and hassle-free Loan Against Property (LAP), you can zero in on LIC Housing Finance Limited (HFL). This loan comes with several benefits, including reasonable interest rates and the flexibility to use the loan amount for a wide variety of requirements. 

 

Before applying for the LIC HFL loan against property, you can use the simple and easy online LIC HFL LAP eligibility calculator to know whether you fulfil the stipulated conditions. To use this calculator, you have to specify whether you are a salaried or self-employed individual and then provide different variables, such as your net monthly income, date of birth, place of residence, and so on. Along with the required loan amount, you also need to specify your existing EMI obligations. The online calculator will then indicate your eligibility for the desired loan amount.

 

A key advantage of using the LIC HFL LAP eligibility calculator is that you can take the requisite steps beforehand to get your loan approved. For instance, if you don’t fulfil the income requirements, you can add an earning family member or spouse as a co-applicant to the loan application. Using the calculator will also help you to adjust the repayment tenor for getting approval of your desired loan amount.  

 

LIC HFL LAP Eligibility Criteria

 

The LIC HFL loan against property requires you to fulfil various eligibility conditions, such as age, income and value of the property. Here’s a detailed look at each of the stipulated conditions:

  • LIC HFL loan against property eligibility based on age: The minimum age to avail a loan against property from LIC HFL is 21 years for all categories of borrowers. The maximum age limit for this loan is 60 years for salaried individuals and 65 years for self-employed individuals. 

    The  LIC HFL LAP eligibility calculator considers your age an important parameter for calculating your maximum loan tenure. 

  • LIC HFL mortgage loan eligibility based on income: The approval of your loan against property from LIC HFL is directly contingent upon your net monthly income. For availing of this loan, salaried individuals are required to have a net monthly income of Rs. 20,000, while self-employed individuals need to have a minimum annual income of Rs. 2.40 Lakhs. Once you provide your income–along with other variables— in the LIC HFL LAP eligibility calculator, it will show the amount of the property loan that you are eligible for.

  • LIC HFL loan against property based on the value of the property: LIC HFL provides a loan against property based on the specified percentage of your property’s value. Also known as Loan to Value (LTV), this is the maximum amount of loan that you are eligible for, based on the value of your property.

  •  For residential properties, you can receive 70% of its value as the loan amount, while the LTV is 65% for commercial properties.

CIBIL Score for LIC HFL LAP

A key requirement for the approval of your loan against property from LIC HFL is the CIBIL score. It is a three-digit number reflecting your creditworthiness. If your credit history shows regular payment of your EMI obligations along with maintenance of an optimum Credit Utilization Ratio (CUR), you will invariably have a good CIBIL score.

 

LIC HFL needs you to have a minimum CIBIL score of 700. If you have a higher CIBIL score, you can negotiate for competitive interest rates. Conversely, having a poor CIBIL score can still get you a loan but at comparatively higher interest rates.

Documents Required to Apply for LIC HFL LAP

Here’s a look at the documents required—both for salaried and self-employed individuals—for availing a loan against property from LIC HFL:

 

Type of proof

Salaried individuals

Self-employed individuals

Identity proof

Aadhaar card, driving license, Voters Id, passport, etc.

Aadhaar card, driving license, Voters Id, passport etc.

Age proof 

Matriculation certificate, Aadhaar card etc.

Matriculation certificate, Aadhaar card etc.

Address proof

Aadhaar card, passport, registered rent agreement, fixed-line telephone bill, electricity bill etc.

Aadhaar card, passport, registered rent agreement, fixed-line telephone bill, electricity bill etc.

Income proof

  • Salary slips of the last three months

  • Bank statements for the last six months

  • Recent Form 16

  • ITR for the last two years

  • Bank statement for the last 12 months

  • ITR for the last two years

  • CA-certified balance sheet

  • Audited copy of Profit & Loss account

Proof of employment/business

Employment certificate

  • Partnership deed

  • Recent Memorandum of Association and Articles of Association

  • CA-certified copies of the list of directors/Shareholding pattern/ Profit sharing ratio

  • LLP agreement

Proof of the property to be mortgaged

Title documents of the property 

  • Title documents of the property

  • Proof of business address

Now that you know about the LIC HFL LAP eligibility calculator along with the LAP eligibility conditions and the documentation process, you can now easily apply for a LIC HFL loan against property. The key features of this LAP include long repayment tenures of up to 30 years and reasonable rates of interest starting from 8.35% onwards. Also, you can benefit from the hassle-free documentation process. What’s more, this loan is approved and processed within a few days. You can also pledge residential or commercial properties as collateral.

Frequently Asked Questions

  • ✔️What is the processing fee on the LIC HFL loan against property?

    The processing fee across all categories of borrowers is 1% of the loan amount along with GST. 

     

  • ✔️Can I top-up the LIC HFL loan against property?

    Yes, you can get a top-up for your existing loan against property from LIC HFL. The interest rate for a top-up loan is based on LIC HFL’s retail prime rate of lending.

  • ✔️Can I get a LIC Housing Finance Limited loan against property without any income proof?

    No, income proof is mandatory for availing a loan against property from LIC HFL.