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LIC Housing Home Loan - Frequently Asked Questions

What are the different types of home loans provided by LIC Housing?
LIC Housing provides home loans for resident Indians, non-resident Indians (NRIs) and for pensioners.
What are the terms and conditions associated with the LIC Housing Loan for Pensioners before Retirement?
The terms and conditions associated with the Home Loan for Pensioners (before retirement) are that the applicant must submit a Letter of Undertaking stating that the entire loan or a minimum of 30% of loan amount (as decided by the Area Office) will be repaid by the applicant out of their retirement benefits. The balance amount of the home loan must be paid from the Pension income. Please note that the principal amount of the loan to be repaid on retirement will be determined on the amount of pension which the borrower is eligible for post-retirement.
Are there any terms & conditions associated with the LC Housing Home Loan for Pensioners after retirement?
The terms and conditions applicable under this home loan scheme are:
Under this scheme, the borrower is not allowed to commutate their pension or any part of their pension.
In order to avail the loan, the borrower must present a Guarantor who is approved by the provider.
What are the basic documents that applicants are required to submit in order to apply for an LIC Home Loan?
The basic documents which applicants must provide to apply for an LIC Housing Home Loan are:

  • Duly filled and signed application form.
  • Passport sized photographs.
  • Cheque with processing fee amount.
  • Bank statements for the last 6 months.

Who all are eligible to apply for an LIC Housing Home Loan?
For the different categories of home loans, the following individuals may apply:
The LIC Housing loan for Resident Indians is open to all individuals who are residents of India.
The LIC Housing Loan for NRIs is only available to salaried individuals who hold an NRI (non resident Indian) or PIO (person of Indian origin) status.
The LIC Housing Loan for Pensioners (before retirement) is available to those individuals who are 50 years or above in age and hold a pension scheme post retirement. The LIC Housing Loan for Pensioners (after retirement) is available to those individuals who are pensioners drawing a pension which forms a stable source of income.
What are the purposes for which these home loans may be utilized?
LIC housing Home Loans may be utilized for the purpose of purchasing a new house/flat/residential unit, for constructing a new house or residential unit and also for constructing an extension to an existing house or residential unit.
What are the documents which salaried applicants must furnish in order to apply for this home loan?
Salaried applicants must provide the following documents, in addition to the basic documents requested by the bank.
Salary slips for the last 3 months
Form 16 or Income Tax Returns
What are the documents which self-employed applicants must furnish in order to apply for this home loan?
Self-employed applicants must provide the following documents, in addition to the basic documents requested by the bank.
Certificates of educational qualifications.
Proof of existence of said business.
Income Tax Returns for last 3 years along with computation of Income.
Balance Sheet and Profit & Loss Account for the last 3 years, certified / audited by a chartered accountant.
What is the minimum amount for which an applicant may avail an LIC Housing Home Loan?
The LIC Housing home loan is available for a minimum amount of Rs 1, 00,000.
What is the loan margin available on the LIC Housing home loans?
The loan margin or Loan to Property cost for home loans for Resident Indians and home loans for NRIs is similar. The Loan to Property cost applicable on this loan is set differently for different loan amounts. For loans up to 20 lakhs, LIC provides 85% of total cost of the property (incl. Registration Charges or Stamp Duty), for loans above Rs 20 lakhs and up to Rs 75 lakhs, LIC provides 80% of the total property cost (incl. Registration Charges or Stamp Duty) and for loans above Rs 75 lakhs, LIC provides 75% of the total cost of the property (incl. Registration Charges or Stamp Duty).

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