Why is LIC HFL Home Loan still on top 5 home loan providers?

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Trust is something which is built with time and also actions. LIC housing finance is among those lenders that has won the heart of people for a very long time. Not only that, the services provided by LIC HFL is among the best ones.

LIC was and is still popular for its insurance policies. For a home loan as well, this lender is considered to be among the top choices. There are many reasons that support this statement. One of these is the years it has devoted towards customer services. Others include the understanding of the market as well as customers so the product is well-suited.

These are one of the few reasons why LIC HFL home loan is amongst the best ones. To know more about the product, read below:

LIC Housing Finance Home Loan Features
The following features of LIC home loan are given below:
  1. Interest rates range from 8.70% (for women) up to Rs 10 lakh loan amount
  2. The interest rate on a home loan ranges from 8.70%-9.05% per annum
  3. You get the loan for multiple purposes and with variable loan amount
  4. Documents checklist and eligibility criteria is very simple
  5. You can pay your EMIs online even if you miss a single one
  6. There is an online portal to check your loan application status
  7. You can contact your nearest LIC branch to know which is the existing offer on home loans
  8. You may find it easier to compare the deal with other lenders keeping in mind the trust and stability of LIC HFL in the market.
LIC Home Loan Eligibility
Below is the eligibility criteria that an applicant must match to apply for LIC home loan:
  • Resident of India
  • Non-Resident of India
  • Pensioners
  • Salaried employees
  • Self-employed professionals
  • Businessmen
  • Pensioners below 70 years of age are classified as before-retirement individuals
  • Pensioners of 70 years of age and above are classified as post-retirement individuals
Eligibility for Salaried NRI/PIO customers

For Purchase/Construction and Repairs/Renovation:
  • You can get minimum loan amount of ₹1 lakh
  • You can get the maximum loan up to 85% of the market value of the property or up to ₹75 lakhs
  • Qualified professionals can choose loan tenure up to 20 years
  • Others can get the loan for the tenure up to 30 years
For Plot Purchase:
  • You can get minimum loan amount of ₹1 lakh
  • You can get the maximum loan up to 75% of the market value of the property or up to ₹75 lakhs
  • The loan can be taken for the maximum tenure of 15 years
For Takeover from other Banks:
  • Salaried applicants can get the loan for the maximum tenure of 30 years
  • Businessmen can get the loan for the maximum tenure of 20 years
Purposes for which you can take LIC Home Loan
  • House purchase
  • Construction
  • Extension
  • Repair/renovation
  • Plot purchase
  • Balance transfer
LIC Housing Finance is planning to launch a new home loan product with a low-cost term insurance. By pricing this term cover competitively, the company plans to differentiate its home loan from rivals. As a result, you might find LIC still winning the league or might face a little defeat. For this, you will have to wait.

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