Overview
LIC HFL grants loans to senior citizens (necessarily above 65 years of age) at reasonable rates knowing that you might not be salaried and you will be paying EMIs with your previous savings.
Rate trends:
| Before retirement: | After retirement | |
| Tenure: | 15 years or 70 years of age whichever is earlier. | Maximum tenure till applicant reaches 70 years. |
| Terms and conditions: |
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Key Features
- The eligibility and terms and conditions are broadly classified for people who have hit retirement already and for those individuals who are above 50 years of age.
- The purpose of the loan being same, that is: purchase, construction or extension of house/flat.
Eligibility
For people below 65 years:
Minimum age should be 50years and they must have pension scheme after retirement.
For senior citizens:
They must have a stable income throughout their life along with ongoing pension.
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 all pensioners.
Document Required
Here’s a list of self attested documents you will need to submit along with your home loan application;
- Signed application form with photograph
- ID and residence proof
- Processing fee cheque
- Last 6 months bank statements
- Documentation for salaried applicants:
- Last 3 months salary-slips
- Form 16 or Income Tax Returns
- Documentation for self-employed applicants:
- Education qualification certificate & proof of business existence
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
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 HFL
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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