LIC Home Loan for NRI- Interest Rates & Charges, Eligibility Criteria

Use LIC HFL home loan eligibility calculator to check your home loan eligibility of LIC home loans, all you need to do is provide your income and obligation details to know your home loan eligibility. To increase your LIC HFL home loan eligibility you can club income of co-applicant/s into the loan, they can be either salaried or self-employed. You can also add your income from the other sources like rental income, interest on FDs etc. to increase your loan eligibility.

lic of india home loan eligibility

Net monthly income for a salaried individual is calculated on the net salary amount credited into his bank account every month, generally its Gross salary minus PF, ESCI, PT, TDS and others as applicable. Net monthly eligible income for a business owner is equal to yearly Net profit plus depreciation, interest paid on loans, other income minus taxes divided by 12 . If a borrower is having any other recurring obligations LIC HFL will reduce the EMI/s of such monthly obligations from the 60-70% amount before computing the eligibility amount. LIC Housing Finance Limited or LIC HFL is one of the largest housing finance company in India, having its registered corporate office located in Mumbai. LIC Home loan is having its distribution network across the country and using its branches to help customersreach their dream of owning a house.

LIC Housing Finance Home Loan for Resident Indian

As mentioned earlier, the home loan lenders determine the eligibility of an applicant for home loan on the basis of their monthly income . The salary is taken into consideration to identify the loan repayment capability of the applicant. The LTV ratio or the Loan-to-Value ratio is used to assess the risk factor involved in the case of a loan disbursal. About LIC Housing – LIC is a major housing finance company, that provides long term finance to individuals for purchase or construction of a house or flat for repair and renovation of flats/houses. The non-resident Indian customers can avail these loans for purchase or construction of new house or extension of the existing one.

lic of india home loan eligibility

An EMI calculator is a tool which is very helpful to calculate home loan emi. This is a scheme where the pensioner is not allowed to commutate any part of his pension. Moreover, the applicant will need a guarantor approved by the loan provider.

LIC Housing Loan Interest Rate (Griha Siddhi Home Loan)

Once you have figured out your eligibility for a home loan, you can check home loan interest rate for all banks and apply for the one that suits you best. It is an interest subsidy of up to Rs 2.67 lakh for the borrowers' first pucca house construction/purchase. LIC Charges customers with a processing fee of up to 0.35% of the loan amount + GST. If you have taken a LIC home loan at a floating interest rate, then you can easily make prepayments without paying any extra charges. On the basis of this formula, you get the pie-chart representation for the monthly payment , the total interest payable, and the total payment (interest+principal). Other than this, you also get the amortization table showing the details of maturity value for each year throughout the tenure.

Besides offering a range of Loan schemes, LICHFL offers the benefit of no prepayment charges on home loans at floating interest rate. Plus, you can avail of top-up loans with them irrespective of whether you’re an old or new customer. There is an option to increase EMIs of your loan after continuing for the minimum tenure. If you have continued payments for the minimum tenure without any defaults and are sure of increasing your EMIs, you can go for it. The increase in monthly installments will help you save more on total interest outgo. Therefore, Nandini has to pay Rs. 31,459 as EMI for the next 15 years until she chooses to prepay or foreclose her loan account.

Personal Loan Interest Rates

The entire interest amount paid can be claimed for deduction, as there is no cap applicable. At present, people can claim only one property as self-occupied. Then they have to pay taxes on the second house based on the condition for notional rent. The minimum amount of loan for purchase or construction of a new apartment or house is Rs 1,00,000.

lic of india home loan eligibility

The loan amount is disbursed on the basis of the progress of the construction of the property. The eligibility for a joint home loan is dependent on the relationship of the co-applicants. The co-applicants have to be related in order to be eligible for a joint home loan. This is an additional loan on an existing mortgage for both new and current borrowers. New borrowers can get a top-up when they transfer their existing home loan to LIC Housing Finance.

What is the formula used for EMI Calculation?

A moratorium period is a time period wherein you as a borrower do not have to repay any amount. It is often known as EMI holiday at times because in this tenure, you do not repay towards the loan. It is a waiting duration before you start paying the EMIs as specified in the loan agreement. Without a moratorium period, a person has to start paying the monthly instalments from the day 1 of the loan till the final day of the tenure. To avail additional tax deductions, you can rent another house where you live, at the same time of claiming home loan tax benefits.

But, after the announcement in the recent budget, the tax deduction for the same has been raised by Rs. 2.5 lakhs. Thus, you can avail a total tax deduction of Rs. 3.5 lakhs on interest payments. This deduction can be availed under the Section 80EEA. This section offers income tax benefit for home loan interest paid up to Rs. 1.5 lakhs. This benefit is available over and above the Section 24 existing exemption of up to Rs. 2 lakhs. LIC HFL offers home loan to Non-Resident Indians employed overseas or having their own business with regular and stable sources of income. The power of attorney should be in the format of LIC home loans.

Balance Transfer Scheme

Age of a loan applicant affects loan eligibility of a customer. The maximum tenure LIC home loan offers to a salaried customer is 30 years and for a self-employed customer its 25 years. With the facility of a higher loan amount, LIC Housing Finance company helps the people to take a step forward in building your dream home or buying one. The calculator for home loans of LIC HFL is simple to use and helps you check the EMI in advance to be prepared accordingly.

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