lic home loan

Before Applying for LIC Housing Finance Things You Need to Know First

Finance

Want to avail a home loan but don’t know which lender is here to offer you the best deal? Well, in order to keep you away from this dilemma, we are here to help. Yes, all you need to do is just go through this article below.

How to Find the Best Lender?

When it comes to finding the best lender, it is always advisable to compare different lenders on various parameters. Yes, one should compare them on parameters like lowest home loan interest rates as then it would be easy for you to grab the best deal.

Moreover, one thing that needs to be mentioned here is the fact that comparison is the key as it actually allows you to choose an ideal lender. Now that you know how to get the best lender, you must be wondering which lender is the best? In order to know the same, read the article below:

All You Need to Know about LIC Housing Finance

Being a renowned and reputed lender, it would not be wrong to say that this name rules the roost in the finance industry. Best known for offering a wide range of services, this lender is definitely preferred by many. Talking about the housing loan being offered by the same, it is available to you at an interest rate of 8.45%-8.90% per annum. When it comes to the loan amount, the lender offers the same for up to 75%-85% of the property value for a tenure of up to 30 years. This is the reason that why this lender is a favourite of many borrowers.

Now that you are aware of the basic details, let’s just get into the detail and talk about each of its important parameter in the article below:

Interest Rates: Talking about the home loan interest rates being offered by this lender, it currently ranges between 8.45%-8.90% per annum. These rates basically are lower, which means you can easily repay your loan without any hassle. Yes, in such a case, you can enjoy the pocket-friendly EMIs and Interest Outgo, which will ultimately reduce your overall loan burden.

Eligibility: Another crucial factor that comes into the picture is none other than the home loan eligibility. Yes, if we talk more about the same, there are many factors that actually influence the same. Yes, factors like age, income, credit score, job stability, work experience, relationship with a lender can also influence your overall loan journey.

EMI: Talking about the equated monthly installments, one should make sure that they should be pocket-friendly so that you can easily repay your loan in the future. In order to be doubly sure about your monthly installments, you can use a home loan EMI calculator that can let you know the exact and accurate calculations of not only your EMIs but Interest Outgo as well.

So, hopefully, you will keep the above factors in mind while going for the LIC housing loan in the future.     

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