Wed. Dec 7th, 2022

LIC Housing Finance Limited (LICHFL) provides a range of home loan choices with interest rates as low as 6.66 percent per annum, making it one of the most cost-effective solutions available. Salary, self-employed, and retirees can apply for LIC housing financing loans for a number of purposes, including house construction, home acquisition, land purchase, and home improvement. Apart from reliability, LICHFL has various benefits over other loan providers, such as the loan not being restricted by the CIBIL Score. Unlike other lenders, LICHFL evaluates your credit history and explores the causes for your low CIBIL score before granting a home loan application. If you haven’t defaulted on any previous loan or credit card, and your score is low due to some other cause or error, LICHFL will review your account and accept your house loan application.

Moreover, the biggest downside of a LIC Housing Loan is that the LIC Home Loan Interest Rate may rise once the loan reaches the floating-rate period. While you should be wary of the interest rate, there are a lot of other benefits to consider when applying for a home loan. Also, there are a lot of factors that you should consider before applying for a LIC Home loan such as your age, income levels, free CIBIL score, etc.

Benefits of LIC Home Loan

A LIC Home Loan in India has several benefits over other banks. Here are the three major benefits that LIC offers:

Be flexible with CIBIL scores

If your CIBIL score is poor, LICHFL will investigate it and report on why. However, if you have already defaulted on any loans or credit cards, they may not accept your application. If you had previously applied for a loan and your application was refused due to a paperwork mistake or another issue that harmed your CIBIL score, LICHFL would consider your rationale and accept your loan application. 

Documentation Process is Simple

LICHFL demands less papers for a home loan application than other lenders. Most lenders are quite strict when it comes to the ‘Occupancy Certificate.’ Furthermore, the Occupancy Certificate is only available through the Municipal Corporation or the Magistrate’s office. LICHFL, on the other hand, offers loans based on Gram-Panchayat Occupancy Certificates, and in some situations, even without them. 

Greater Eligibility

When you apply for a house loan, the lender will determine your loan eligibility, or how much money you may borrow. This sum is computed using your salary, age, education, CIBIL score, and a multitude of other factors. When it comes to loan eligibility, LICHFL often favours the applicant, allowing a greater loan, when it comes to eligibility.

 

How to Apply for a LIC Home Loan?

Here are the five methods for applying for a LIC Home Loan: 

Official LIC Website

You may apply for a house loan with LIC online by visiting their official website. Simply go to the company’s official website and click on the “apply for a loan” option. 

Through Customer Support

LICHFL’s customer support function allows clients to apply for a house loan. Simply dial the LIC toll-free number from your mobile phone, and a LIC advisor will contact you to discuss the loan specifics. 

Visit Your Nearest Local Branch

The most typical approach is to go to your local bank and apply for a LIC home loan in person. 

LICHFL House Loan Mobile Application

LIC allows consumers to apply for a home loan using their mobile app. Simply download the app from the Google Play store and use the mobile application to apply.

It is important to check the eligibility requirements for all the methods given above to apply for the LIC home loan in order to avoid rejection. Also it is advisable to make a CIBIL score login to make sure that your credit report is free from any kind of errors at the time of applying for the home loan.

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