Sage-Tips

What is the maximum repayment period for housing loan?

Choose a convenient repayment tenure for the loan as per your source of income. A self-employed individual with a stable income history can choose tenures of up to 18 years to repay the loan amount. For a salaried individual, repayment tenure options range from 2 to 20 years from the date of sanction.

Can we transfer loan to LIC?

Yes, transferring your home loan to LIC Housing Finance is a good idea for home loan borrowers as LIC Housing Finance provides lower home loan rates starting at 6.66\%, and minimal processing fee Of ₹ 10,000.

Can I take home loan for 20 years?

The total repayment period of a Home Loan taken is called ‘Tenure’ of the Loan. Home Loan tenure can be up to 30 years. The maximum tenure of a Home Loan depends upon the retirement age of the applicant.

Can I get home loan for 20 years?

Most lenders provide different loan tenure ranging from 5 years to as long as 20 years. LIC Housing Finance has recently partnered with India Mortgage Guarantee Corporation (IMGC) to offer special loan scheme, under which borrowers can repay the amount till the age of 75 years.

How long does it take to transfer home loan from lichfl?

Turnaround Time (Time from application to completion) : 60 days This is the average time required from application to completion of the home loan transfer and may vary on a case to case basis. LICHFL can take up to 25 days to hand over your documents to the new lender.

What is the interest rate for LIC HFL home loan?

Check your Eligibility! LIC HFL home loan interest rates start at 6.90\% p.a. The rates vary from scheme to scheme and depends on your type of employment, i.e., salaried or self-employed. There are a number of home loan schemes offered by LIC Housing Finance.

Is lichfl a good option for home loan?

The easy loan approval is why LICHFL is a strong name in housing finance. But of course, nothing in the world is free. LICHFL customers enjoy these benefits but they also have to face a lot of issues like: For new customers, LICHFL charges a reasonable 9.80\% rate of interest on home loans.

What is the procedure for pre-closure of home loan with LIC HFL?

Following is the procedure for pre-closure of home loan with LIC HFL: You need to apply for the pre-closure certificate from the company. The proforma is available in their branch or you can download it from their official website. Now they will ask you to pay the due amount in check along with the pending interest and pre-closu…