Home Loan EMI Calculator

LIC HFL HOME LOAN

1. HOME LOAN ELIGIBILITY

• Age Limit: Applicants must be between 21 to 60 years of age at the time of loan application.

• Income Criteria:

• Salaried individuals: Minimum monthly salary of ₹15,000.

• Self-employed individuals: Stable income for at least 3 years.

• Property Ownership: The property should be self-occupied, under construction, or available for purchase.

• CIBIL Score: A good credit score is required for loan approval (usually 700 or above).

2. HOME LOAN CHARGES

• Processing Fees: Charges apply based on the loan amount (typically around 1% of the loan amount).

• Late Payment Charges: Applicable as per the loan agreement for delayed payments.

• Pre-payment Penalty: No pre-payment penalty for part payments or foreclosure.

• Bounce Charges:₹500 for failed payments.

• Valuation Charges: For property appraisal if required.

3. HOME LOAN INTEREST RATES

• Starting Interest Rate:8.35% per annum (subject to change based on applicant profile and market conditions).

• Floating Rates: Interest rates may vary depending on the applicant’s credit score and loan amount.

• Fixed Rates: Available on request, though the rates are typically higher.

• Loan Amounts: Flexible amounts starting from ₹1 lakh up to higher loan amounts depending on eligibility.

4. DOCUMENTS REQUIRED FOR HOME LOAN

KYC Documents:

• Aadhaar Card

• Pan Card

• Passport (for NRIs)

Proof of Residence:

• Utility bills, ration card, voter ID, etc.

Income Documents:

• Salaried Applicants: Latest salary slips and Form 16.

• Self-Employed Applicants: Last 3 years’ Income Tax Returns, balance sheets, and profit & loss accounts.

• Bank Statements: Last 6-12 months.

Property Documents (If property is identified):

• Proof of Ownership (for property).

• Allotment Letter (for flats from builders or societies).

• Up-to-date Tax Paid Receipts.

5. FEATURES & BENEFITS OF HOME LOAN

• Online Home Loan Sanction: Fast, paperless approval process.

• Quick Sanction & Low EMI: Quick disbursement and low EMI options.

• Simple Documentation: Hassle-free documentation process.

• Maximum Tenure of 20 Years: Flexible loan repayment options with a maximum tenure of up to 20 years.

• No Pre-Payment Penalty: Foreclose your loan anytime without additional charges.

• Loan Purpose: Applicable for home purchase, construction, renovation, or repairs.

• Balance Transfer: Easy transfer of existing home loan with favorable interest rates.