Whenever the name LIC Housing Finance Limited crops up for discussion, all the talks happen on its home loan offers. It’s because of the way the company has branded itself into the minds of people. Not many may know that the company has expanded its wing to include loan against property (both individuals and companies), loan against securities, loan to professionals, etc. The offers of the products are attractive to appeal the borrower in you. So, why not begin a session on these LIC HFL products through this article? Up for it! Get started then.
Loan Against Property for Individuals
To get this loan, you must have a residential flat or house in your name. An equitable or registered mortgage of the property, whose age is not more than 35 years, is sought by the lender. The home loan can be granted to let you fulfill purposes such as education and marriage of your kids, buying another property or even business expansion. The minimum loan you can expect to be handed out equals to ₹2 lakhs. On the other hand, the loan can be given for a maximum of 15 years. One must be ready to pay 1% of the loan amount plus applicable GST.
Loan Against Securities
If you have fixed deposits of nationalized banks, life insurance policies with surrender value and post office products such as Kisan Vikas Patra, National Savings Certificates, you can mortgage them to get a loan to fulfill your purposes. The housing finance company will disburse at 95% of the face value of the liquid security or surrender value in the case of life insurance policies. You can get a minimum loan of ₹50,000, with the maximum tenure being 20 years.
Loan to Professionals
Professionals can purchase, extend, modify and renovate commercial premises to carry their own professional practice and equipment purchase with the help of a customized loan from LIC HFL. The loan can be provided for a maximum of 10 years against securities such as equitable or registered mortgage of the premise for which the loan is obtained, demand promissory note, registration of charges in R.O.C (companies), personal guarantee of partners/directors as applicable. Even the equipment has to be hypothecated if that’s financed.
Loan Against Property for Companies
The financial assistance is provided to listed or unlisted companies against commercial property-office premises which are already owned or to be purchased via loan. The loan amount can be used to purchase fixed assets or even the repayment of existing loans. As far as the tenure is concerned, it’s a maximum of 10 years.
LIC Housing Finance EMI Calculator
The EMI calculator should always be in focus to be on track as far as ensuring a smooth repayment is concerned. Well, you may not be familiar with the terminology. But you need to be if you crave for a smooth repayment. The calculator is all but remains online to help you out. Enter the loan amount, tenure and rate of interest to see indicative EMI and interest flashing on the screen. With that in place, you can plan and rejigg your finances accordingly.
How to Apply for LIC Housing Finance Loans?
You shall visit the website of LIC HFL and apply for the loan you want by giving out the details sought. If you don’t fancy online option, you can visit any of LIC HFL branches, fill the application form and submit it along with relevant documents to the concerned official down there. The moment the application details are vetted successfully, you would gain an approval to the credit.