LIC Housing Finance Limited (LICHFL) provides a range of home loan options with some of the lowest interest rates available. LIC Housing Finance Limited offers low-cost home loans with up to 30-year repayment durations, depending on the loan amount. Although there may be a processing fee of up to 0.50 percent of the loan amount plus GST. For a range of objectives, including home building, home buying, land purchase, and home improvement, LIC housing financing loans are accessible to salaried, self-employed, and pensioners. NRIs and retirees, on the other hand, can take advantage of LIC HFL’s low-interest housing loan schemes.
Features of LIC Housing Finance
There are various features of LIC Housing Finance that makes it reliable to take a home loan. Some of the features along with its benefits are as follows:
- Interest Rates:- When applying for a large loan such as a home loan, the interest rate is an important factor to consider. After all, even a small reduction in your LIC home loan interest rate can save you a lot of money in total interest payment amounts. Being a government-owned financial institution In comparison to other public sector banks, LIC offers low-interest housing loans. The total amount that you will pay at the end of the loan tenure is comparatively lower than what you will be paying at another public sector bank.
- Pre – Approved Loans:- Customers of LIC HFL can take advantage of pre-approved house loans, which provide them with the convenience of receiving immediate approvals on their home loans. The borrower has immediate access to the funds with pre-approved loans. A consumer benefits the most from a pre-approved home loan offer because the funds are made accessible to the borrower immediately. However,
- CIBIL Score:- It has a good impact on your total credit profile when you apply for a house loan at LIC and receive approval from your lender. When you take out a long-term house loan with a lot of monthly installments and pay your EMI on time each month, it will reflect well on your credit profile and, over time, will raise your CIBIL score.
- Special Rates for Women Borrowers:- LIC HFL offers an additional discount on the interest rate charged by LIC on home loan applications for women borrowers. Majority of the banks and financial institutions offer a concession on their interest rates for female applicants.
- Simple Process:- The application process for a LIC home loan is simple and straightforward. You can also apply for a LIC HFL house loan online, which requires less documentation and is a faster process.
- Security:- Being a public sector financial institution LIC home loans are secure in nature. Along with the security that comes along with the LIC home loan and in addition to all of the aforementioned advantages that come with a LIC home loan, it also offers insurance-linked security.
- Wide Network:- To provide better customer service, it has a variety of locations across the country. This simplifies the application process for a LIC house loan, as well as LIC’s ability to provide improved after-sales assistance.
These are some of the features and benefits that come along with a LIC HFL home loan. Therefore, it is a wise decision to apply for a home loan at LIC if you are thinking of either buying a new house or renovating an existing one by taking out a home loan. If you have a low CIBIL score and fear rejection, it might be a good idea to add a co-applicant to your home loan application.
