Resale Home Loan Process with LIC Housing Finance (LICHFL) – Step-by-Step Guide for Home BuyersResale Home Loan Process with LIC Housing Finance (LICHFL) – Step-by-Step Guide for Home Buyers 🏠

Are you planning to buy a resale flat or house and need a home loan? LIC Housing Finance (LICHFL) offers flexible and easy loan options for purchasing resale properties. In this guide, we’ll walk you through the entire resale home loan process with LIC HFL, covering everything from eligibility to loan disbursement.

Resale Home Loan Process

🔍 What is a Resale Home Loan?

A resale home loan is a type of housing loan provided to individuals who wish to buy a pre-owned or previously occupied property. Unlike under-construction properties, resale homes are ready to move in and are sold by the previous owner.

LIC Housing Finance offers resale home loans at attractive interest rates, flexible tenures, and simple documentation.

✅ Step-by-Step Process for Getting a Resale Home Loan from LICHFL

1. Finalize the Resale Property

Before applying, identify and finalize the resale property you wish to purchase. Ensure it has:

• Clear ownership
• No legal disputes
• Proper building permissions

2. Check Eligibility with LIC HFL

Your home loan eligibility depends on:

• Monthly income
• Age
• Employment type (salaried/self-employed)
• Credit score (preferably above 750)

Use LIC HFL’s home loan eligibility calculator online to get an estimate.

3. Prepare the Required Documents

Here’s the typical document checklist for a resale home loan:

• PAN Card, Aadhaar Card
• Income proof (salary slips / ITR)
• Bank statements (last 6 months)
• Property documents
• Agreement of Sale
• Previous sale deeds
• EC (Encumbrance Certificate)

4. Property Valuation by LIC HFL

LICHFL appoints a certified valuer to inspect the property. The market value helps determine how much loan will be sanctioned (usually up to 75-85% of the property’s value).

5. Legal Verification of Documents

LIC’s legal team will verify:

• Chain of documents (ownership history)
• Encumbrance status
• Property title deed
• RERA registration (if applicable)

6. Sanction of Home Loan

Once the valuation and legal check is completed, LIC HFL issues a Sanction Letter detailing:

• Loan amount approved
• Rate of interest
• EMI amount
• Tenure
• Terms & conditions

7. Registration and Loan Disbursement

After sanction:

• The property is registered in your name.
• You submit the registered Sale Deed and other final documents.
• LIC HFL disburses the loan amount to the seller or as per your agreement.

8. EMI Repayment Begins

Your Equated Monthly Installments (EMI) will start from the next cycle. You’ll receive a detailed loan repayment schedule and online access to track your loan.

💡 Expert Tips for Resale Home Loans

• ✅ Maintain a high CIBIL score (750 – 800+)
• ✅ Always choose a registered resale property
• ✅ Take home loan insurance to cover risks
• ✅ Check all charges (processing fee, legal fee, etc.)
• ✅ Go through the sanction letter terms carefully

📞 Need Help with Your Resale Home Loan?

We at Elite Financial Services, an official Marketing Intermediary (MI) of LIC Housing Finance in Hyderabad Appointed at Chanda Nagar Branch, can help you with:

• Free eligibility checks
• Fast loan processing
• Personalized support till disbursement

Call us today or visit:
🌐 www.hyderabadhomeloans.com
📞 +91-8886249998