LIC Housing Finance Limited (LICHFL) provides a choice of home loan options with some of the market’s most competitive interest rates. Depending on the loan amount, LIC Housing Finance Limited offers affordable house loans with flexible payback terms of up to 30 years. However, a processing fee of up to 0.50 percent of the loan amount plus GST may be assessed. Salary, self-employed, and pensioners can apply for LIC housing financing loans for a range of objectives, including house construction, home purchase, land acquisition, and home improvement. NRIs and retirees, on the other hand, can benefit from LIC HFL’s housing loan schemes, which offer even lower interest rates. Having said that, you should have a high CIBIL score before applying for a home loan in order to avoid rejection on your loan application.
Along with its house loan, LIC provides a number of incentives. The following are some of the advantages of a LIC home loan:
Rates of Interest
The interest rate becomes a significant issue when applying for a large loan such as a house loan. After all, even a slight reduction in your LIC home loan interest rate can help you save significantly on the overall amount of interest that you would be paying. As a public sector bank, LIC provides house loans at lower interest rates than other public sector banks.
Pre Approved Loan Offers
LIC HFL provides pre-approved house loans to its customers, allowing them to receive rapid approvals on their home loans. Borrowers with pre-approved loans get immediate access to money. The consumer benefits the most from a pre-approved home loan offer since the funds are immediately accessible for usage by the borrower.
Improve Your Credit Score
When you apply for a house loan via LIC and receive approval from your lender, it improves your total credit rating. When you take up a long-term house loan with many monthly repayments and successfully pay your EMI each month, it will show well on your credit record and eventually raise your CIBIL score. Moreover, you can always make a CIBIL score login to keep a regular check on your overall credit score and report.
Concessions for Female Borrowers
LIC HFL offers an extra discount on the interest rate charged by LIC on the home loan application.
Applying for a LIC home loan is a simple and painless process. You may also apply online for a LIC HFL house loan, which has less documentation requirements and a faster approval process.
In addition to all of the other perks associated with a LIC house loan, it also offers insurance-linked security with its home loan.
To provide better customer service, it has a lot of branches dispersed around the country. This simplifies the application process for a LIC home loan and allows LIC to deliver better after-sales services.
All of these are the advantages of a LIC HFL house loan. As a result, whether you are considering purchasing a new home or renovating an old one, applying for a home loan at LIC is a prudent move. Moreover, it is advisable to research about all the options and also do check Cibil score login online before applying for any loan. In these types of cases, home loans are generally offered for longer tenures. Therefore, they require a lot more research than any other loans before applying. It is advisable to only apply for a home loan when you are completely sure about the product and are familiar with all its terms and conditions.