LIC Housing Loan Eligibility: Everything You Need to Know
By Vijay Arjun.V, Authorized DSA of LIC Housing Finance ( In Hyderabad, Secunderabad, Medchal and Sangareddy}
LIC Housing Finance Limited (LICHFL) is one of the leading housing finance companies in India. It offers a wide range of home loan products to cater to the needs of different borrowers. LICHFL is known for its competitive interest rates, flexible repayment options, and quick processing time.
LIC Housing Loan Eligibility Criteria
To be eligible for a home loan from LICHFL, you must meet the following criteria:
- You must be a resident Indian citizen or a Non-Resident Indian (NRI).
- You must be at least 21 years of age and not more than 60 years of age at the end of the loan term.
- You must have a regular source of income.
- You must have a good credit score (CIBIL score of 700 or above is preferred).
Income Eligibility Criteria
The minimum income requirement for an LIC housing loan varies depending on your occupation and location. For salaried individuals, the minimum income requirement is Rs. 15,000 per month. For self-employed individuals, the minimum income requirement is Rs. 30,000 per month.
CIBIL Score Requirement
CIBIL score is a credit score that is calculated based on your past credit history. It is used by lenders to assess your creditworthiness. LICHFL prefers borrowers with a CIBIL score of 700 or above. However, if you have a CIBIL score below 700, you may still be eligible for a home loan, but you may be charged a higher interest rate.
Documents Required for LIC Housing Loan Application
The following documents are required for an LIC housing loan application:
- KYC documents (PAN card, Aadhaar card, and voter ID card)
- Income proof (salary slips, Form 16, or income tax returns)
- Bank statements for the last 6 months
- Property documents (sale agreement, title deed, and construction plan)
How to Apply for an LIC Housing Loan
You can apply for an LIC housing loan online or offline. To apply online, visit the LICHFL website and fill out the application form. To apply offline, visit your nearest LICHFL branch and collect an application form. Once you have filled out the application form, submit it along with the required documents.
LIC Housing Loan Processing Time
LICHFL typically processes home loan applications within 7-10 working days. However, the processing time may vary depending on the complexity of your case.
Tips for Improving Your LIC Housing Loan Eligibility
Here are some tips for improving your LIC housing loan eligibility:
- Maintain a good credit score.
- Pay your bills on time and in full.
- Keep your debt-to-income ratio low.
- Increase your income.
- Co-apply for a loan with a creditworthy co-borrower.
Contact Details
If you have any questions about your LIC housing loan eligibility, you can contact Vijay Arjun.V, Authorized DSA of LIC Housing Finance, at 8886249998( In Hyderabad, Secunderabad, Medchal and Sangareddy}. He will be happy to help you.