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LIC Housing Finance Limited is one of the largest Housing Finance Companies in India. Founded on 19th June 1989, it has its Registered and Corporate office at Mumbai. Incorporated under the Companies Act, 1956, it was promoted by LIC of India and went public in the year 1994. The chief objective of the company is to provide long term finance to individuals for purchase or construction of house or flat for residential purpose/repair and renovation of existing flat/houses. It also provides finance of existing property for business/personal needs and gives loans to professionals for purchase/construction of Clinics/Nursing Homes/Diagnostic Centres/Office Spaces and also for purchase of equipments.
About LIC Housing Finance
Additionally, the company is also responsible for providing long term finance to persons engaged in the business of construction of houses or flats for residential purpose and to be sold by them. The company has 7 regional offices, 16 back-offices, and 222 marketing units across India. it also has offices in Kuwait and Dubai to cater to the Non-Resident Indians in the Gulf countries covering Bahrain, Dubai, Kuwait, Qatar, and Saudi Arabia, thus possessing one of the industry’s most extensive marketing network in India. Today, the Company has a proud group of over 15.56 lacs prudent house owners who have enjoyed the Company’s financial assistance.
Vision and Mission
The company’s vision is to be the best Housing Finance Company in the country. The mission of the Bank is to provide secured housing finance at affordable cost, maximizing shareholders’ value with higher customer sensitivity. The company follows fair and transparent business practices. Transformation to a knowledge organization is one of its core values. The company also strives for higher autonomy in operations, and instilling a sense of ownership amongst employees.
LIC Housing Finance Loans
LIC Housing Finance Home Loan: Under the home loan scheme for resident Indians, the minimum loan amount is Rs. 1,00,000. The maximum loan term for salaried individuals is 30 years, while for self-employed borrowers, it is 20 years. The repayment mode is through EMIs on a monthly rest basis. The above-mentioned details are uniform for the purchase, construction, extension, as well as repairs/renovation of house. For the purpose of plot purchase from statutory authorities, however, the loan to property cost is 75% of the property value. The maximum loan tenure in this case is 15 years. For takeover of existing loan from other Institutions/Banks or the purpose of top up, the maximum term of loan is 30 years for salaried employees and 20 years for businessmen.
When it comes to Non Resident Indians, the minimum loan amount is Rs. 1,00,000. The maximum term for individuals with professional qualification is 15 years, while for others it is 10 years, as specified by LIC Housing Finance home loan eligibility norms. These details hold true for a variety of purposes – purchase, construction, extension, and repairs/renovation of house. NRIs or PIOs can also avail a minimum of Rs. 1,00,000. The loan to property cost is 75% of the property value.
As far as pensioners are concerned, they can also avail this loan for purchase, construction, or extension of house/flat. Persons whose age is 50 or more and has a pension scheme after retirement may apply for a loan under this scheme, with the loan term being up to 15 years of 70 years of age, whichever is earlier. For post-retirement applicants, the LIC Housing Finance loan scheme state that pensioners having a stable income throughout their life from pension may apply for loan under this scheme. The loan is to be repaid before the applicant attains the age of 70 years.
LIC Housing Finance Loan Against Property : This loan is offered against the mortgage of residential house/flat. It may be availed to meet several purposes, including children’s education/marriage, business expansion, purchase of another property, etc. The minimum loan amount is Rs. 2,00,000. The loan term is a maximum of 15 years, as specified by LIC Housing Finance loan details. The disbursement of this loan can be done EMIs on a monthly rest basis. The security against this loan can be of two types –
2. Demand Promissory Note. This loan under LIC Housing Finance services is available to Resident Indians only.