LICHFL - NRI Home Loan Interest Rates & Eligibility
Rs.1 lakh and above
10.10% -12%
Overview
Under this scheme, borrowers can avail a minimum home loan of Rs. 1 lakh. While the maximum tenure offered to professionally qualified borrowers is 20 years, it’s capped at 15 years for the rest. Further, the three assured rate reductions can be availed by borrowers on the 24th, 36th, and 60th months from the date of disbursement, for the 1st, 2nd and 3rd rate reductions respectively.
It is a tailor made home loan who NRIs who want to borrow from LIC at reasonable interest rates. GRIHA PRAKASH includes Purchase and Extension
GRIHA SUDHAR includes Renovation
rate trends:
Minimum Amount to be borrowed is Rs 1 lac
Maximum term of loan –
- Professionals :- 15years
- for Others:- 10Years
Key Features
- Under this Product, you can avail a Home loan for purchasing an under construction/ready/resale house/self-construction, plot plus construction or Home extension & improvement loans.
- The three assured rate reductions can be availed on for 24, 36 and 60 months from the date of first disbursement for the 1st, 2nd and 3rd rate reduction respectively
Eligibility
Eligibility will be established for each borrower individually, based on their credit history, repayment capacity and other criterias.
Processing Fees
LIC Housing Finance charges a processing fees of 1% of the home loan amount you have applied for, subject to minimum of Rs. 10,000/- for non resident Indians.
Document Required
Here’s a list of self attested documents you will need to submit along with your home loan application.
- Application form duly signed by the applicant (With photograph duly signed across the photo)
- General power attorney (Self Attestation on all Pages)
- Employer certificate (On employer letterhead)
- Passport & Visa copy
- Latest 3 Month payslip
- Latest 3 Month bank statement
Do note that the above mentioned documents will have to be notarised by an attorney or by the Indian embassy located in the country of current residence.
Here are a few more documents that you will need to provide...
- Last 6 months pay slips (including latest 3 months pay slips duly notarized)
- Appointment letter & 'Offer letter'
- Employer id proof, Qualification Proof
- Applicant residence proof.
- Bank statement for the last six months ( Salary credits) (including latest 3 months statement duly notarized)
- Bank statement for the last six months ( NRE / NRO A/C) (in case NRO/NRE Account is not there the flow of funds transfer to india should be established)
- W2 forms
- NRI undertaking letter
- Banker certificate
- 3 Photographs duly signed across the photograph by the applicant
- GPA Holder photograph
- GPA Holder identity proof
- GPA Residence proof
Note: All documents listed above are only indicative of the general list of documents requested by the bank, these may vary depending on your location and financial history. Do check with your bank while applying for the loan.
Link: http://www.axisbank.com/personal/loans/home-loan/empower-home-loans/index.html
LIC of India
Introduction:
LIC HFL or LIC Housing Finance Ltd., was formed in 1989 by the Life Insurance Corporation of India (LIC).
It’s a subsidiary that grants loans specifically for buying, reconstructing or renovation of residential or commercial properties and is regulated by the National housing bank (NHB), unlike LIC ltd, which is regulated by IRDA.
The company has been one of the top home loan lenders since its inception. It has 7 regional offices, 13 back-offices and 181 marketing units across India. The Authorized Capital of the Company is Rs.150 Crores and its paid up Capital is Rs.100.99 Crores.
The Company is listed on the National Stock Exchange (NSE) & Bombay Stock Exchange Limited (BSE).
Besides home loans, LIC Housing Loan offers different types of secured personal loans. Funds so raised are provided against specific assets, depending on the scheme chosen.
LIC loans are broadly classified as;
- Home Loans – that are offered to resident Indians, non-resident Indians and pensioners.
- Corporate or Project Loans – that are offered to corporates and builders.
- Other Loans – that are offered as secured personal loans against properties, loans against securities, loans to professionals, loans under rental securitization. These can be used to top-up home loans for additional financing.
Advantages of borrowing from LIC Housing Finance:
LIC has an impressive distribution network and offers competitive interest rates along with several schemes designed to cater to needs of all working classes.
Disadvantages of borrowing from LIC Housing Finance:
The only disadvantage is that they have a slow processing system of loan applications and service standards are noted to be less than satisfactory in several cases.
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