Quick answer: Griha Prakash is the name LIC Housing Finance uses for its home loan to buy a new house or flat. It is LIC HFL’s own scheme, not a government yojana. Rates start from 7.15% for salaried and 7.30% for self-employed borrowers with a CIBIL score of 825 or more, LIC HFL funds up to 90% of the value (for loans up to ₹30 lakh), and the term can run up to 30 years (25 for self-employed).
By Vijay Arjun V (B.Pharm, PGDM), authorised LIC HFL DSA since 2002. LIC HFL terms checked on lichousing.com on 9 October 2026.
What is LIC HFL Griha Prakash?
When you apply to LIC HFL for a loan to buy a newly built flat or house, you are applying under Griha Prakash; you may see the name on the application form. On LIC HFL’s website the same loan simply appears as its “Home Loan”. So if a builder, a friend or an LIC HFL letter mentions Griha Prakash, it means the regular LIC HFL home loan for a new home.
Griha Prakash at a glance
| Feature | Griha Prakash (new house or flat) |
|---|---|
| Purpose | Buying a new flat or house from a builder or developer, ready or under construction |
| Interest rate | From 7.15% (salaried) and 7.30% (self-employed), CIBIL 825+; floating |
| Funding | Up to 90% for loans up to ₹30 lakh, 80% for ₹30–75 lakh, 75% above ₹75 lakh |
| Term | Up to 30 years for salaried and 25 years for self-employed borrowers, within LIC HFL’s age limits |
| Who can apply | Salaried, self-employed and professionals; co-applicants allowed |
| Prepayment | No charges for prepaying a floating-rate home loan |
| Disbursement | In one go for a ready flat; in stages for an under-construction flat |
Rates depend on your CIBIL score and profile, and LIC HFL revises them from time to time. See LIC HFL home loan rates for October 2026.
How is Griha Prakash different from other LIC HFL schemes?
| Scheme | Best for |
|---|---|
| Griha Prakash | Buying a new house or flat, with regular income proof |
| Griha Suvidha | Salaried buyers paid partly in cash, or who need extra flexibility |
| Griha Sugam | Self-employed buyers without regular income tax returns |
| Plot loan | Buying an open plot (HMDA or DTCP approved) |
| Construction loan | Building a house on a plot you own |
| Balance transfer | Moving an existing loan from another lender to LIC HFL |
Compare all of them on the LIC HFL loan products page.
How much Griha Prakash loan can you get?
It depends on your take-home income, existing EMIs, age and the property value. As a rough guide, lenders like total EMIs to stay within about half of your take-home pay. A ₹40 lakh loan over 30 years at 7.15% is an EMI of about ₹27,000; over 20 years, about ₹31,400. Check your figures with the eligibility calculator and EMI calculator, or read eligibility by salary.
Buying in an APF-approved project?
If the builder’s project is pre-approved by LIC HFL (APF), your Griha Prakash loan is faster to sanction, you get a special processing-fee discount, and there is no separate legal and technical fee. See the list of LIC HFL approved projects in Hyderabad.
Documents for a Griha Prakash loan
- KYC: PAN and Aadhaar of all applicants, and photographs
- Income, salaried: last 3 months’ salary slips, Form 16 and 6 months’ bank statements
- Income, self-employed: last 2 years’ ITRs with financials and 12 months’ bank statements
- Property: allotment letter or agreement of sale, builder’s approvals, and the project’s RERA registration
- Payment receipts for your own contribution to the builder
Full checklist: home loan property documents in Telangana. Step-by-step process and timelines: LIC home loan process and approval time.
Ready flat or under construction?
Griha Prakash funds both. For an under-construction flat, LIC HFL releases the loan in stages as the building rises and you pay only interest (pre-EMI) until the last release; there is also GST of 5% (1% for affordable homes). A ready flat with an occupancy certificate has no GST and the full EMI starts at once. Details: under-construction vs ready-to-move.
Frequently asked questions
Is Griha Prakash a government scheme?
No. It is LIC Housing Finance’s own home loan scheme. A government subsidy such as PMAY-Urban 2.0 is separate; ask us whether your loan qualifies.
What is the Griha Prakash interest rate?
The same as LIC HFL’s home loan rate: from 7.15% for salaried and 7.30% for self-employed borrowers with a CIBIL score of 825 or more, as of 9 October 2026. A lower score means a higher rate.
Can I use Griha Prakash for a resale flat?
Griha Prakash is meant for new homes. LIC HFL also funds resale flats; see the resale home loan process.
I took a Griha Prakash loan years ago. Am I paying too much?
Possibly. Older loans may be on a higher rate than LIC HFL offers new borrowers today. Check your current rate on LIC HFL’s customer portal, then ask us how you can bring it down. See how to check your LIC HFL loan details.
Can I get tax benefits on a Griha Prakash loan?
Yes, under the old tax regime: up to ₹2 lakh a year on interest and ₹1.5 lakh on principal for a self-occupied home. See home loan tax benefits 2026.
New to buying? Start with 10 steps from budget to keys.
Sources: lichousing.com home loan page (rates, funding limits and prepayment, checked 9 October 2026); LIC HFL scheme naming as used on its application forms. EMI figures are our calculations.
Hyderabad Home Loans is run by Elite Financial Services, an authorised Direct Selling Agent (DSA) of LIC Housing Finance Ltd. We are not LIC HFL. Loans are sanctioned solely at LIC HFL’s discretion; rates and fees may change.