LIC Housing Finance Limited is one of the leading housing finance institutions in India. Incorporated on 19th June, 1989, LIC Housing Finance has been promoted by the Life Insurance Corporation of India and has got a vast distribution network in all over India. LIC Housing Finance Limited is enjoying a leading position in home finance market in India by the virtue of being one of the earlier entrants in the housing loans market.
LIC Housing Finance Limited has got a wide range of home loans for their customers. It offers loans for construction or purchase of house/flat and also for renovation work of existing building.
Home Loan Schemes from LIC Housing Finance Limited
Griha Prakash and Griha Lakshmi loans are for Construction or Purchase or Extension of house/flat. In Griha Prakah scheme, the loan amount ranges between Rs. 25 thousand to 1 crore. Griha Lakshmi scheme provides you loan amount of Rs. 1 lac to Rs. 1 crore. In both the schemes, LIC Housing Finance Limited provides you 85% of the total cost of the property including Stamp Duty and Registration charges. Griha Prakash scheme gives you a maximum of 20 years time, Retirement Age or 70 years of age, whichever is earlier, to repay your loan amount.
Griha Lakshmi scheme gives you a maximum time of 15 years, and the rest are same as Griha Prakash scheme.
Griha Sudhar scheme in the LIC Housing Finance is meant for repair or renovation of the properties. The maximum loan amount could be up to Rs. 10 lacs. LIC Housing Finance Limited would provide 85% cost of repairs or 25% of the market value of the property, whichever is lower. The Loan Term is of 1 to 15 years.
It you go for LIC Housing Finance, you have to provide equitable mortgage of house/flat and a Guarantor as security. You also have to pay 1% of the loan amount as Front End Charges.