Lic Housing Finance Is An Admirable Lender

LIC Housing Finance is an Admirable Lender

by

Gaurav Singh Khurana

Home Loans acts as a big advantage especially to those people who are planning to own a habitat. In this modern world getting a home loan is not at all like a complex mathematical puzzle but yes, it is not as simple as a cup of tea. It requires a wise handling of an intelligent individual because it is not a small amount that he/she would be borrowing from a bank or other lending company to build the home.

Life Insurance corporation home finance has emerged as the one of the biggest home loan lender in the country.

LIC Housing Finance

has an enormous number of products which its clients can go through and choose the best options suitable to them. These home loans are offered for different purposes to the clients for example, for home construction, for buying an apartment, for home extension and for repair or renovation of the existing house. An applicant may apply according to his housing needs. A home loan is a long term loan with low interest rates available from LIC housing finance. Various schemes which are offered by LIC are as follows:

Griha Lakshmi: This is another one of the best home loan plans offered by LIC, which is only applicable to Indian people. It is offered at luring rates of interests and its loan tenure is ranging from 15-20 years.

Griha Prakash: In this scheme the minimum amount that can be approved is Rs. 1 lacs. The loan amount can range up to 85% of the complete cost of the property including registration and stamp duty charges. Tenure of loan can maximize reach up to 20 years.

Griha Sudhar: This loan is specially designed for the purpose of renovation and repair of housing property. Under this scheme, a client can have access to a maximum loan of Rs.10 lacs.

Griha Shobha: Griha Shobha is another loan scheme designed for NRIs. The minimum loan amount can be approved is not less than Rs. 5 lacs and loan is from minimum 10 years to maximum 15 years.

To avail a home loan from LIC housing finance, one has to fulfill the

Home Loan Eligibility

which is as follows:

1. The minimum annual income of an applicant should be Rs 1.5 lakhs.

2. If the applicant is self-employed. His/her age should be between 21 to 70 years but for salaried individuals the age range is 25 to 58 years. It also gives many benefits to NRI applicants but the only condition is that they should have valid Indian passports.

The profession of an individual is the key factor in deciding which type of loan is he/she eligible for.

Gaurav Singh Khurana is the founder of India\’s first financial helpline called Dialabank available across 18 cities for a local number 600 11 600 helping people to take right financial decisions in terms of loans, insurance etc.

Article Source:

ArticleRich.com