LIC Housing Finance Limited is one of the largest providers of mortgage loans in the country. Its registered office is in Mumbai. The company is a subsidiary of the LIC insurance corporation. The company provides various mortgage loan products, including home loans, refinancing, and debt consolidation. However, there are some things to keep in mind before applying for a home loan. The following are some of the key benefits and disadvantages of LIC housing finance.
The interest rate for LIC Home Loan is 6.90% per annum and it allows for a maximum loan amount of Rs 15 crore. However, the loan amount is subject to the income of the main borrower and any co-applicants. The repayment tenure of the LIC Housing Finance loan depends on the amount of the loan and the CIBIL score of the main borrower and co-applicants. The maximum loan tenure for this home loan is 15 years, or till the borrower reaches 70 years of age.
In July 2013, LIC Housing Finance announced that it had completed the allotment of three crore equity shares to LIC of India, its promoter. This allotment was completed at an issue price of Rs 270 per share. The company has crossed the Rs 750 crore asset and Rs 1 lakh loan portfolio milestones. The company is expected to make a profit of Rs 1000 crore by the end of the year. And with the help of its subsidiaries, it aims to build more affordable homes in India.
LIC HFL offers mortgage loans against residential and commercial properties. The loan can be applied for a self-occupied, vacant, or rented property. LIC HFL offers up to 70 percent LTV for residential properties. The maximum LTV for a commercial property is 60 percent. A co-applying can be a female or male member of the house. If a male member is the owner of the house, he or she can be a Co-applicant.
LIC HFL requires the applicant to provide an income proof, such as a salary slip, and bank statement audited by a CA. Apart from this, applicants must provide a proof of their business existence. Additionally, a PAN card is required if the loan amount is greater than Rs 10 lakhs. The processing time varies from one day to two. LIC housing finance has many benefits that make it an excellent mortgage choice.
LIC Housing Finance delists from the Calcutta Stock Exchange Association Ltd. On December 09, 2004, LIC Housing Finance announced the launch of a loan product without charging interest on the house financed. LIC Housing Finance also announces the launch of a reverse mortgage product. And finally, the company has appointed a new interim chairman, Dinesh Kumar Mehrotra, in addition to a number of other appointments.