Sage-Tips

Can I extend my home loan tenure?

As far as the housing loan tenure goes, the noted mortgage player offers it for a maximum of 30 years. You can choose the tenure based on your loan amount, income and repayment capacity. But you can change the tenure during the course of the loan and bring about a change in your repayment.

Can we increase EMI for LIC Home Loan?

LIC Home Loan EMI Increase There is an option to increase EMIs of your loan after continuing for the minimum tenure. If you have continued payments for the minimum tenure without any defaults and are sure of increasing your EMIs, you can go for it.

Can we decrease home loan tenure?

Process of Changing the Home Loan Tenure. The tenure can be changed voluntarily anytime during the course of the loan. You can visit the branch of the lender and give a request for the same. The concerned official will go through your loan statement and latest income statements before allowing you to change the tenure.

Is it good to take home loan for long term or short term?

Long term loans are usually spaced out over decades. Hence, lenders charge lower interest rates. Since the home loan tenure is shorter, lenders charge higher interest rates on short-term loans to compensate for the smaller loan period. Given the longer tenure, the monthly EMI payments will be on the lower side.

Which home loan is better long term or short term?

Eligibility of a home loan is calculated on the basis of repayment capacity of the borrower in form of EMIs. The monthly amount for repayment is fixed as a percentage of borrower’s monthly income. The EMI is lower with longer tenure and disbursal amount is more than the short term one.

What is a loan extension?

In general, a loan extension will allow you to skip a certain number of immediate payments—which, while not set in stone, is typically just one—and add them onto the back of the loan. In most cases, the maturity date of the loan is then extended by the number of postponed payments.

What should be the tenure of home loan?

You may read more on Home Loan pre-payment. Lastly, to take full advantage of lower EMI and higher loan amount based on tenure, it is advisable to buy a house before 28 years of age, as it allows for a 30-year tenure, and higher Loan amount.

Is a longer term loan better?

Typically, long-term loans are considered more desirable than short-term loans: You’ll get a larger loan amount, a lower interest rate, and more time to pay off your loan than its short-term counterpart.

What is the loan amount offered under LIC housing loans?

The loan amount offered under LIC housing loans starts from Rs. 1 lakh. LIC offers Low home loan interest rate starting from 6.66\% p.a. Customer can avail home loan tax benefits. The LIC home loan interest rates are linked with LIC Housing Prime Lending Rate (LHPLR), which as on October 7, 2019 stands at 14.70\%.

Is there any loan available for extension of home?

LIC HFL offers loan for Extension of home. The above is subject to the repaying capacity and age of the applicant. For other conditions contact nearest Area Office. Apply for Home Extention Loan online.

What is the home loan interest rate offered by lichfl?

The home loan interest offered by LICHFL depends on the purpose for which the housing loan is availed. The current LIC home loan interest rate starts from 8.35\%, which is one of the best home loan rates offered in India. To know the latest LIC Housing Finance home loan interest rates table, click here.

How to check home loan status online at LIC Housing Finance?

How to check home loan status online at LIC Housing Finance? The steps to check your LIC Housing Finance home loan application status online are: Visit the official website of LIC Housing Finance Limited (LICHFL) On the homepage, click the ‘Home Loans’ tab; You will be redirected to a new page. Click on ‘Online Loan Application’ on the left panel