LIC HFL Home Loan Interest Rates
Last Updated : Aug. 29, 2023, 1:44 p.m.
LIC has a special place in people’s heart as it has helped them in living their dream by providing them the desirable home loans. The upper limit of the fund is high and most importantly it comes with affordable housing rates . With this combination, LIC home loans have been one of the best home loans in India. If you have also been looking for a lender that can give you the funds you desire at the rate that you can afford, you should check the housing loan details below.
Apply LIC HFL Home Loan @ 8.50%* Rate
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LIC HFL Home Loan Interest Rates April 2024
| Particulars | Details |
|---|---|
| Interest Rate | 8.50% - 10.75% |
| Loan Amount | Above INR 1 lakh |
| Tenure | Up to 30 years |
| Processing Fees | For loan amount below INR 1 Crore - 0.25% of the loan amount + AT or INR 10,000 + AT. whichever is lower Loan Amount Above INR 1 Crore to Up to INR 15 Crore - INR 20,000 + AT |
| Prepayment Charges | NIL |
Interest Rates Based on Loan Quantum & CIBIL Score for Salaried & Professionals and Non-Salaried & Non Professionals
| CIBIL Score | Loan Slab | Salaried & Professional | Non-Salaried & Non-Professional |
|---|---|---|---|
| CIBIL≥750 | Up to 2 crs | 8.50% | 8.60% |
| More than 2 crs & up to 15 crs | 8.70% | 8.80% | |
| CIBIL 700-749 | Up to 2 crs | 8.75% | 8.85% |
| More than 2 crs & up to 15 crs | 8.95% | 9.05% | |
| CIBIL 600-699 | Up to 50 Lakhs | 9.55% | 9.65% |
| More than 50 Lakhs & up to 2 crs | 9.75% | 9.85% | |
| More than 2 crs & up to 15 crs | 9.90% | 10.00% | |
| CIBIL <600 | Up to 50 Lakhs | 10.00% | 10.10% |
| More than 50 Lakhs & up to 2 crs | 10.20% | 10.30% | |
| More than 2 crs & up to 5 crs | 10.40% | 10.50% | |
| 150≤CIBIL≤200 | Up to 50 Lakhs | 9.30% | 9.40% |
| More than 50 Lakhs & up to 2 crs | 9.50% | 9.60% | |
| 101≤CIBIL<150 | Up to 50 Lakhs | 9.55% | 9.65% |
| More than 50 Lakhs & up to 2 crs | 9.75% | 9.85% |
LIC Housing Finance Festive Home Loan Offer
LIC Housing Finance has come with an attractive home loan interest rate offers for both salaried and non-salaried if they have a CIBIL score of 700 and above. The interest rate can be as low as 6.90% for loan amounts upto INR 15 crores. Loans sanctioned from October 14, 2020, to November 30, 2020, will qualify for such offers. What’s also important for qualification is that the loan should get disbursed on or before December 31, 2020. Let’s check out the table below to know the same.
Advantage Plus Scheme
| CIBIL Score | Loan Slab (In INR) | Salaried & Professionals | Non-salaried & Non-professionals |
|---|---|---|---|
| CIBIL ≥ 750 | More than 10 lakhs & upto 2 crs | 8.50% | 8.60% |
| More than 2 crs & up to 10 crs | 8.70% | 8.80% | |
| CIBIL 700 - 749 | More than 10 lakhs & upto 2 crs | 8.75% | 8.85% |
| More than 2 crs & up to 10 crs | 8.95% | 9.05% |
Griha Suvidha, Griha Suvidha – Apna Ghar
| CIBIL Score | Loan Slab | Salaried & Professional | Non-Salaried & Non-Professional |
|---|---|---|---|
| CIBIL≥750 | More than 10 lakhs & up to 2 crs | 8.75% | 8.85% |
| More than 2 crs & up to 3 crs | 8.95% | 9.05% | |
| CIBIL 700-749 | More than 10 lakhs & up to 2 crs | 9.0% | 9.10% |
| More than 2 crs & up to 3 crs | 9.20% | 9.30% | |
| CIBIL 600 - 699 | More than 10 Lakhs & up to 50 Lakhs | 9.80% | 9.90% |
| More than 50 Lakhs & up to 2 crs | 10.00% | 10.10% | |
| More than 2 crs & up to 3 crs | 10.15% | 10.25% | |
| CIBIL <600 | More than 10 Lakhs & up to 50 Lakhs | 10.25% | 10.35% |
| More than 50 Lakhs & up to 2 crs | 10.45% | 10.55% | |
| More than 2 crs & up to 3 crs | 10.65% | 10.75% | |
| 150 ≤CIBIL ≤200 | More than 10 Lakhs & up to 50 Lakhs | 9.55% | 9.65% |
| More than 50 Lakhs & up to 2 crs | 9.75% | 9.85% | |
| 101 ≤CIBIL<150 | More than 10 Lakhs & up to 50 Lakhs | 9.80% | 9.90% |
| More than 50 Lakhs & up to 2 crs | 10.00% | 10.10% |
Griha Bhoomi – Loan Towards Purchase of Residential Plots/Residential Plots and Construction
| CIBIL Score | Loan Slab | Salaried & Professional | Non-Salaried & Non-Professional |
|---|---|---|---|
| CIBIL≥750 | Up to 2 crs | 8.70% | 8.80% |
| More than 2 crs & up to 15 crs | 8.90% | 9.00% | |
| CIBIL 700-749 | Up to 2 crs | 8.95% | 9.05% |
| More than 2 crs & up to 15 crs | 9.15% | 9.25% | |
| CIBIL 650-699 | Up to 50 Lakhs | 9.75% | 9.85% |
| More than 50 Lakhs & up to 2 cr | 9.95% | 10.05% | |
| More than 2 cr & up to 15 crs | 10.10% | 10.20% | |
| 150≤CIBIL≤200 (only P+C) | Up to 50 Lakhs | 9.50% | 9.60% |
| More than 50 Lakhs & up to 2 cr | 9.70% | 9.80% | |
| 101≤CIBIL<150 (only P+C) | Up to 50 Lakhs | 9.75% | 9.85% |
| More than 50 Lakhs & up to 2 cr | 9.95% | 10.05% |
LIC HFL Interest Rate for Existing Customers
At LIC Housing Finance Ltd, the rate of interest for old customers or existing customers is reviewed every 6 months as per the terms and conditions they have agreed to at the time of loan agreement.
LIC HFL Home Loan Balance Transfer Interest Rates
Struggling to pay your existing higher home loan EMI amount because of the higher interest rates? Well, you can easily opt for the LIC HFL Home Loan Balance Transfer Facility at a lower interest rate. This can help reduce monthly repayment amount.
Both Salaried and Self-employed individuals can opt for this facility in a hassle-free manner. To opt for this facility, your CIBIL score must be good (700 and above). The Balance Transfer Interest rates depend on your outstanding loan amount and it may be different for salaried and self-employed individuals. Currently, the balance transfer rates range from 8.50% - 10.75%.
Special Offer:-
Your 2 EMIs waived off at the closure of loan or at the end of a 5 years tenure, if you has zero deafult and didn’t make prepayment in the initial 5 year repayment period.
Interest Rates for Griha Suvidha/ Griha Suvidha Apna Ghar – EWS/ LIG/MIG – I , MIG – II
| Product Name | CIBIL Score | Loan Slab | Rate of Interest (ROI) |
|---|---|---|---|
| New Face Lift | 700 & above | Up to Rs. 15 Crs | 9.60% |
| Below 700 | 10.35% |
Note: Rate of Interest (Floating – Linked to LHPLR) Current LHPLR – 17.05%
Retail Non-housing Products
LIC also offers schemes for purchase of plot, commercial property, etc. The rates for the same can be seen below.
| Product Name | Interest Type | CIBIL Score | Rate of Interest |
|---|---|---|---|
| Advantage Plus (Top-Up Component) | Floating (Linked to LHPLRNH) | CIBIL ≥ 800 | 9.35% |
| 800>CIBIL ≥ 750 | 9.45% | ||
| Griha Vikas (LAP/ Top Up/ Face Lift | Floating Up to Rs 15 crs | CIBIL ≥ 750 | 9.50% |
| 750>CIBIL ≥ 700 | 10.30% | ||
| 700>CIBIL ≥ 600 | 11.55% | ||
| Apna Office- Individual | Rs. 10 Lakhs & Upto Rs. 5 Crs | CIBIL ≥ 750 | 9.75% |
| Rs. 5 Crs & Upto Rs. 15 Crs | 750>CIBIL ≥ 700 | 10.85% |
Note: Rate of Interest (Floating – Linked to LHPLRNH) Current LHPLRNH – 17.05%
Frequently Asked Questions
1. What is the current LIC Housing Finance home loan rate?
The current home loan interest rate on LIC housing finance ranges from 8.50% p.a. to 10.75% p.a.
2. Will LIC HFL home loan rate of interest go down in 2023?
The interest rates on home loans are usually changed on a quarterly basis. However, the movement of the interest rates cannot be predicted.
3. When does the interest rate of LIC home loan change?
LIC home loan interest rate changes every quarter following the change in RBI’s Repo Rate.
4. What is the interest for 1 crore loan in LIC Housing Loan?
The interest rate on LIC home loans depends on a lot of factors including the CIBIL score of the applicant, monthly income, existing loans, etc. However, an applicant can apply for a LIC housing loan for INR 1 crore with interest rates starting from 8.50% p.a.
5. How can I reduce my home loan interest rate in LIC Housing Finance?
To reduce your home loan interest rate you can opt for the floating rate of interest by contacting your lender.
6. What is the LIC home loan interest rate for senior citizens?
Senior citizens can avail a home loan from LIC Housing Finance at interest rates starting from 8.50% p.a. depending on the overall eligibility of the borrower.
7. How much home loan can a government employee get in LIC HFL?
The loan amount primarily depends on the CIBIL score of the borrower. However, the maximum amount that a government employee can apply for is equal to his basic pay for 34 months.
8. Does LIC Provide 90% Home Loan?
Only if the loan amount is up to INR 30 lakh, LIC provides home loans up to 90% of the property’s value.
9. Is prepayment allowed in LIC home loan?
If you have taken a LIC home loan at a floating interest rate, then you can pay some loan amount before the tenure without paying any extra charges.
