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›› Home ›› LICHFL ›› Loans ›› HomeLoans

 

1. Resident Indian :

- Purchase

Griha Prakash

Loan Amount : Min. Rs. 25,000 - Max.Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property including Stamp Duty and Registration Charges.
Loan Term : Upto 20 Years or Retirement Age or 70 years of Age, whichever is earliest.
Repayment Mode : Equated Monthly Instalments(EMI) - Monthly Rest Basis
Security : 1. Equitable Mortgage of House/Flat   2. One Guarantor.
Risk Cover : Any existing or new policy under any acceptable plan of insurance (issued by LIC of India) on the lives of the applicants, having risk cover to the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.

- Construction

Griha Prakash

Loan Amount : Min. Rs. 25,000 - Max.Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property including Stamp Duty and Registration Charges.
Loan Term : Upto 20 Years or Retirement Age or 70 years of Age, whichever is earliest.
Repayment Mode : Equated Monthly Instalments(EMI) - Monthly Rest Basis
Security : 1. Equitable Mortgage of House/Flat   2. One Guarantor.
Risk Cover : Any existing or new policy under any acceptable plan of insurance (issued by LIC of India) on the lives of the applicants, having risk cover to the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.

 

- Extension

 

Griha Prakash

Loan Amount : Min. Rs. 25,000 - Max.Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property including Stamp Duty and Registration Charges.
Loan Term : Upto 20 Years or Retirement Age or 70 years of Age, whichever is earliest.
Repayment Mode : Equated Monthly Instalments(EMI) - Monthly Rest Basis
Security : 1. Equitable Mortgage of House/Flat   2. One Guarantor.
Risk Cover : Any existing or new policy under any acceptable plan of insurance (issued by LIC of India) on the lives of the applicants, having risk cover to the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.

- Repair/ Renovation

Griha Prakash


Loan Amount : Upto Rs.10,00,000.
Loan to Property Cost : Not exceeding 85% of Cost of Repairs or 25% of Market Value of Property, whichever is lower.
Loan Term : 1 to 15 Years, or Retirement Age, or 70 years of Age, whichever is earliest.
Repayment Mode : Equated Monthly Instalments (EMI) - Monthly Rest Basis.
Security : 1. Equitable Mortgage of House/Flat
2. One Guarantor.
Risk Cover : Life Insurance Cover is not required but advisable in the interest of the Applicants.
Front End Charges : 1.00% of Loan Sanctioned.


- Plot Purchase

Loan for Purchase of Vacant Plots/Sites
Loan Amount : Min Rs.50,000 Max Rs. 20,00,000.
Loan to Property Cost : 85% of the Cost of Plot/Site.
Loan Term : Upto 15 Years or Retirement Age, or 70 years of Age, whichever is earliest.
Repayment Mode : By Equated Monthly Instalments (EMI) - Monthly Rest Basis.
Security : 1. Equitable Mortgage of Plot/Site   2. One Guarantor.
Risk Cover : Life Insurance Cover is not required but advisable in the interest of the applicants.
Front End Charges : 1.00% of Loan Sanctioned.


2. Non Resident Indian :

- Purchase

Griha Prakash

Loan Amount : Min Rs. 25,000 Max Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property including Stamp Duty and Registration Charges.
Loan Term : Since NRIs have Contractual Appointments Term is restricted to 7 years. For Professionals, term upto 10 years can be considered.
Repayment Mode : Equated Monthly Instalments (EMI) - Monthly Rest Basis.
Security : Equitable Mortgage of House/Flat
Risk Cover : Any existing or new policy under any acceptable plan of insurance (issued by LIC of India; LIC(Intl.)E.C., Bahrain on the lives of the applicants, having risk cover to the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.



- Construction

Griha Shoba

Loan Amount : Min Rs. 25,000 Max Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property including Stamp Duty and Registration Charges.
Loan Term : Since NRIs have Contractual Appointments Term is restricted to 7 years. For Professionals, term upto 10 years can be considered.
Repayment Mode : Equated Monthly Instalments (EMI) - Monthly Rest Basis.
Security : Equitable Mortgage of House/Flat.
Risk Cover : Any existing or new policy under any acceptable plan of insurance (issued by LIC of India; LIC(Intl.)E.C., Bahrain, having risk cover to the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.

- Extension

Griha Shoba

Loan Amount : Min Rs. 25,000 Max Rs.1,00,00,000.
Loan to Property Cost : 85% of total Cost of the property including Stamp Duty and Registration Charges.
Loan Term : Since NRIs have Contractual Appointments Term is restricted to 7 years. For Professionals, term upto 10 years can be considered.
Repayment Mode : Equated Monthly Instalments (EMI) - Monthly Rest Basis.
Security : Equitable Mortgage of House/Flat.
Risk Cover : Any existing or new policy under any acceptable plan of insurance (issued by LIC of India; LIC(Intl.)E.C., Bahrain, having risk cover to the extent of loan amount.
Front End Charges : 1.00% of Loan Sanctioned.

- Repair/Renovation

Griha Sudhar


Loan Amount : Upto Rs.10,00,000.
Loan to Property Cost : Not exceeding 85% of Cost of Repairs or 25% of Market Value of Property, whichever is lower.
Loan Term : Since NRIs have contractual appoinments Term is restricted to 7 years. For Professional term upto 10 Years can be considered.
Repayment Mode : Equated Monthly Instalments (EMI) - Monthly Rest Basis.
Security : Equitable Mortgage of House/Flat
Risk Cover : Life Insurance Cover is not required but advisable in the interest of the Applicants.
Front End Charges : 1.00% of Loan Sanctioned.


- Plot Purchase

Loan for Purchase of Vacant Plots/Sites
Loan Amount : Min Rs.50,000 Max Rs. 20,00,000.
Loan to Property Cost : 85% of the Cost of Plot/Site.
Loan Term : Since NRIs have Contractual Appointments Term is restricted to 7 Years. For Professionals, term upto 10 years can be considered.
Repayment Mode : By Equated Monthly Instalments (EMI) - Monthly Rest Basis.
Security : Equitable Mortgage of Plot/Site.
Risk Cover : Life Insurance Cover is not required but advisable in the interest of the applicants.
Front End Charges : 1.00% of Loan Sanctioned.

 

3. Pensioneer :
Before Retirement :
Purposes : Loans under the scheme may be availed for purchase, construction, extension of House / Flat
Eligibility : Persons whose age is 50 or more and having a pension scheme after retirement may apply for loan under this scheme.
Terms & Conditions : An undertaking letter that the entire loan or 30 % or an amount as decided by the Area Office will be repaid out of the retirement benefits is required.
The balance is to be repaid from the Pension Income. The amount of Principal to be repaid at the time of retirement will depend on the Pension amount the applicant is eligible after retirement.

Loan Term : The term of the loan will be up to 15 years or 70 years of age whichever is earlier.


After Retirement :
Purposes : Loans under the scheme may be availed for purchase, construction, extension of House / Flat.
Eligibilty : Pensioners having a stable income throughout their life from pension may apply for loan under this scheme.
Terms & Conditions : 1) Commutation of Pension or any portion thereof is not allowed
under this scheme.
2) A Guarantor acceptable to the Company is required.

Repayment Mode : The loan is to be repaid before the applicant attains the age of 70 years.
Rate of Interest : For rate of Interest and other details, please refer to
 

4. Facilities :
Green Channel

This facility is meant for Professionals like Practising Doctors, Chartered Accountants, Cost Accountants, Executives holding IIM diplomas and Computer Engineers.

Loans can be applied under any of the usual Schemes. A one-time processing and Administrative fee(non-refundable) @ 1.0% of loan applied for, is payable. Inspection of Property and title clearances are undertaken simultaneously, as soon as the loan is sanctioned. This facilitates quicker disbursment of loan. Collateral security of LIC Policy upto the extent of 50% of the loan amount is sufficient.


Step- up EMI Facility

This facility is extended, keeping in view the prospective increase in income of the Borrowers, and is available to people who have good prospect of future increase in income, viz., young Professionals/Executives who are less than 35 years of age.

This facility envisages flexible mode of repayment through Stepping up of EMI during the tenure of loan. Under this Facility, the EMI will initialy be fixed at a lower amount; this would be changed twice (i.e., on the 6th and the 11th year) during the Loan Tenture (15 years); the rate at which the EMI will be stepped-up in the 6th and 11th years would be at 10/15/20 % of the initial EMI as preferred by the Applicant.

Loans to Professionals

Apna Office

Loan Amount :
Loans to Professional like Doctors, Engineers, Architects, Chartered Accountants, Management Consultants, Company Secretaries etc for construction / purchase / renovation of clinic or office premises.

Min Rs. 2,00,000 Max Rs.1 Crore.

Loan to Property Cost : 85% of the cost of the project.
Loan Term : 5 to 10 Years.
Repayment Mode : Equated Monthly Instalments (EMI) - Monthly Rest.
Security : 1. Equitable Mortgage of Project Land & Structures thereon.
2. One Guarantor.
Risk Cover : Life Insurance Cover is not required but advisable in the interest of the Applicants.
Front End Charges : Upto Rs.25,00,000 : 1.00% of Loan Sanctioned (Max. Rs.20,000).
Above Rs.25,00,000 : Rs.25,000.
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