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LIC Housing Finance Limited Loan Against Property - Features & Benefits

For individuals
 

  • Minimum amount that may be availed through this loan is Rs. 2 lakh
  • Maximum loan term is 15 years
  • The loan applicant has to provide the following security to avail the LIC Housing Finance Ltd:
     
    • Equitable or registered mortgage of residential property
    • Demand Promissory note
  • Processing fees is 1% of the total loan amount plus service tax.
  • No prepayment penalties charged by LIC Housing Finance Ltd
  • The collateral property cannot be older than 35 years.
  • Interest rates are as per prevailing industry standards
  • LIC Housing Finance Ltd will take into consideration the loan applicants’ income, past credit history and repayment capacity while sanctioning the loan.
  • Basic KYC documents required to apply for LICHFL loan against property:
    • Valid proof of identity
    • Valid proof of address
    • Form 16
    • Previous two years Income Tax Returns

Rental Securitization 

  • Provide financial assistance
  • The company that wishes to avail this LICHFL LAP may be listed or unlisted
  • The loan amount can be used to meet any short term or long-term business requirements
  • Maximum of loan term 10 years
  • Processing fees that are 1% of the total loan amount plus service tax.
  • The property that the loan applicant wishes to mortgage cannot be older than 35 years.
  • The interest rates that are charged by LIC Housing Finance Ltd are attractive as per prevailing industry standards.
  • No prepayment penalties charged by LIC Housing Finance Ltd.

For companies
 

  • Repay any existing loan
  • Finance the purchase of the company’s fixed assets, etc
  • The company that wishes to avail this loan may be listed or unlisted
  • to finance a company’s short term or long-term business requirements
  • The term of this loan is for a maximum of 10 years
  • Processing fees that are 1% of the total loan amount plus service tax
  • The loan amount has to be repaid in Equated Monthly Instalments over the loan tenure
  • The property that the loan applicant wishes to mortgage cannot be older than 35 years
  • The interest rates are attractive as per prevailing industry standards
  • No prepayment penalties charged for the loan against property scheme

Reverse Mortgage Loan: 

  • Loan against property for senior citizens who can borrow against their existing self owned property and self acquired property
  • The loan from LIC HFL is provided through monthly/quarterly/half yearly and annual disbursement or a lump sum or as a committed line of credit or as combination of the two
  • The maximum tenure of the loan is 15 years. The borrower of the loan can continue to stay in the property as long as the he/she is alive and after his/her, their spouse or husband can stay till death
  • You can even prepay the loan , whenever you feel so during the tenure without any prepayment charges
  • The pre-condition or to be more precise, the only precondition is that borrower should be the owner of a self-acquired and self-occupied property or flat located in India, with clear title indicating the ownership of the property
  • The residential property should be free from any encumbrances and the residual life of the property should be at least 20 years
  • LIC Housing finance Ltd charges a processing fee of 1% of the loan amount for all the loans
  • You can apply loan against property from LIC HFL by contacting the designated officer of the institution or online by visiting the official website of the lending company

For Professionals
 LIC Housing Finance Ltd offers this loan to provide financial assistance for the purpose of
 

  • This loan is also provided to finance the purchase of equipment that the professional needs for his or her practice.
  • This loan against property in LIC HFL is provided by LIC Housing Ltd to resident Indians who have a professional practice. This loan may also be sanctioned to a company or partnership firms of the professional.
  • The term of this loan is for a maximum of 10 years. LIC Housing Finance Ltd offers this loan for a long tenure of ten years, giving its borrowers ample time to repay their loans. The longer tenure means lesser EMIS as the repayment is spread across a longer period of time. The borrower may also choose a shorter loan term if it would be possible for them to repay the loan in the shorter duration and the correspondingly higher EMI amount.
  • The loan applicant has to provide the following security to avail the LIC Housing Finance Ltd – Loan to professionals for their professional practice:
    • Equitable or registered mortgage of the property or premises for which the loan is being raised
    • Demand Promissory note
    • A personal guarantee has to be provided by the directors or partners, as applicable
    • In case this loan is being availed by a company then registration of charges in ROC has to be provided
    • As additional security, applicant may provide the hypothecation of equipment, if financed
  • The loan applicant has to pay processing fees that are 1% of the total loan amount plus service tax.
  • The loan amount has to be repaid in Equated Monthly Instalments over the loan tenure.
  • The property that the loan applicant wishes to mortgage cannot be older than 35 years.
  • The interest rates that are charged by LIC Housing Finance Ltd are attractive as per prevailing industry standards.
  • No prepayment penalties

LIC Housing Finance Loan Against Property in Delhi NCR through LoanMoney

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Loan Application

 

It is a type of unsecured loan and helps to meet your current financial needs. You don't need any security/collateral while availing it. Personal Loan is your solution for instant cash and can be used for travelling, wedding, medical emergency, home renovation, or anything else.

 

Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.

 

Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.

 

A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

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The Education Loanaims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
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