Loan Against Property

LIC Housing Finance Limited Loan Against Property

LIC Housing Finance Limited Loan Against Property

LIC Housing Finance Limited Loan Against Property: LIC Housing Finance Limited (LIC HFL) is one of the largest housing finance company in India. LIC HFL started on 19th of June 1989. It was started under the Companies Act, who work for the purpose of lending to those who are willing to mortgage their properties. LIC Housing Finance Limited has one of the largest marketing networks in India headquartered in Mumbai. It has seven regional offices, as well as 16 offices and 209 marketing units spread all over the country. LIC HFL offers loan against the property to individuals who either own any residential, industrial or commercial property. It is one of the most simple and secure loans which allows longer loan tenure at the lower interest rate and higher loan amount than a personal loan. Loan against Property helps the property owner to get liquidity against their property, while still occupying it. This allows them to get instant finance for many businesses and personal needs.

LIC housing finance limited is one of the most demanding loan providers in India. The basic mission of LIC Housing Finance Limited (HFL) is to provide extended finance for those customers who are looking to purchase or build a house or a flat, start their new business, children’s higher education, marriage or to provide finance for their any other personal and professional needs. The LIC Housing Finance Limited Loan Against Property is provided as per the needs and requirements of the loan applicants. Listed or non-listed companies also can avail these loans keeping their commercial property like office premises as security. These loans can be used to repay the existing loan or to purchase real estate for the benefit of the company.

Types of LIC Housing Finance Limited Loan Against Property:

1) LIC Housing Finance Limited Loan Against Property for Individuals:

LIC HFL offers loan against the property for those individuals who want loans for their children’s education, marriage, purchase of a new property or even aim for a business expansion. For individuals the loan amount should be at least Rs. 2 lakhs that can be availed for a maximum period of 15 years.

2) LIC Housing Finance Limited Loan Against Property for Companies:

Under this scheme, the financial assistance is provided for the companies that are listed or non-listed against the security of commercial property, office premises or already owned or to be purchased property with the help of the loan. The loan is provided for the maximum Term of 10 years.

3) LIC Housing Finance Limited Loan Against Property to Professionals:

This scheme is for the resident Indian professionals. Under this scheme, the loan is provided for purchase, extension, modification, renovation of commercial premises for carrying on own professional practice & purchase of equipment for the companies. Loans can also be sanctioned by the company or partnership firm of such professional. For the professionals, the loan is provided for the maximum Term of 10 years.

4) Loan Against Securities:

Under this scheme, the applicant can apply for loans against the Fixed Deposit of Nationalized Banks, Life Insurance Policies having surrender value and Post office instruments like National Savings Certificates, Kisan Vikas Patra. The applicant can avail loan up to 95% of the value of the liquid security or surrender value in case of Life Insurance Policies. The minimum loan amount is Rs. 50,000. The loan is provided for the maximum Term up to 20 Years. This loan can also be clubbed along with the Home Loans

Features and Benefits of LIC Housing Finance Limited Loan Against Property:

  • This loan against property scheme of LIC HFL would fulfill all your desires like child’s education or marriage, purchase of another property, medical expenses or business extension, etc.
  • LIC Housing Finance Limited Loan Against Property is a multipurpose loan scheme.
  • You can get a loan on different kinds of property such as residential property, commercial property or industrial property.
  • You can get a loan at an attractive and affordable interest rate.
  • LIC HFL loan against property interest rate is 11.25%.
  • LIC HFL charges the low processing fee on your loan amount.
  • LIC HFL provides Disbursement of Loan through Equated Monthly Installments (EMI) on a monthly basis.
  • This loan facility is available for both the salaried individuals and self-employed individuals.
  • You can transfer your existing loan with top-ups.
  • LIC HFL provides flexible and faster loan processing.
  • No prepayment penalties charged by LIC HFL.
  • LIC HFL provides end-to-end customer service through the dedicated team.
  • The entire process of getting the loan is easy with simple and hassle-free documentation procedure.

Tata Capital Loans Against Property Interest Rate

Eligibility Criteria for LIC Housing Finance Limited Loan Against Property:

  • The maximum loan tenure of the loan against property for the individuals is up to 15 years.
  • The maximum loan tenure of the loan against property for the companies is up to 10 years.
  • The applicant should be the owner of property which is the mortgage.
  • The minimum loan amount is 2 lakhs.
  • The maximum loan amount is based on the market value of the property.
  • The property that the applicant wants to mortgage cannot be older than 35 years.
  • Only Indian residents may apply for this loan from LIC HFL.
  • The applicant should have all the required documents related to the property.
  • The mortgaged property should have cleared all the necessary requirements from the concerned authorities and departments.
  • The applicant must have a regular and steady source of income.
  • The eligibility of the loan against property at LIC HFL depends on the profile of the applicant’s profile, income, credit history or the company.

Explore More: Loan Against Property Interest Rates – All Banks

Documentation for LIC Housing Finance Limited Loan Against Property:

Purpose Documents for Salaried Documents for Self-employed
Loan Application
  • Properly filled loan application form
  • Passport size photograph
  • Properly filled loan application form
  • Passport size photograph
Proof of identity (any 1)
  • Passport
  • Voter ID Card
  • Aadhar Card
  • Driving License
  • PAN Card
  • Passport
  • Voter ID Card
  • Aadhar Card
  • Driving License
  • PAN Card
Address proof (any 1)
  • Recent copy of Telephone Bill
  • Electricity Bill
  • Water Bill
  • Piped Gas Bill
  • Driving License
  • Aadhar Card
  • Recent copy of Telephone Bill
  • Electricity Bill
  • Water Bill
  • Piped Gas Bill
  • Driving License
  • Aadhar Card
Property related documents
  • Permission for construction
  • Registered Agreement for Sale
  • Allotment Letter
  • Stamped Agreement for Sale
  • Occupancy Certificate (in case of ready to move property)
  • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement which showing all the payments made to Builder/Seller
  • Permission for construction
  • Registered Agreement for Sale
  • Allotment Letter
  • Stamped Agreement for Sale
  • Occupancy Certificate (in case of ready to move property)
  • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement which showing all the payments made to Builder/Seller
Income proof
  • Current Salary Slip or Salary Certificate
  • Copy of Form 16 for last 2 years
  • copy of IT Returns for last 2 financial years which is acknowledged by IT Dept.
  • IT returns for last 3 years
  • Balance Sheet & Profit & Loss A/c for last 3 years
  • Business License Details
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)
Account statements
  • Bank A/c. Statement (Individual) for last six months
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
  • Bank A/c. Statement (Individual) for last six months
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Processing Fee and Charges LIC Housing Finance Limited Loan Against Property:

Purpose Applicable Charges
Processing Fee  Rs. 2500 or 1% of the loan amount whichever is higher + service tax
Cheque Bouncing Charges Rs. 350
Statutory Charges
  • Rs. 250 of the loan amount up to Rs. 5 lakh + service tax
  • Rs. 500 of the loan amount above Rs. 5 lakh + service tax
Charges for Document Retrieval Rs. 2,500 + service tax

 

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