Documentation» LIC HF

Features
Loan available for purchase, construction, repair, renovation and house extensions. Loans are also available for plot purchase.

Eligibility
• Should be engaged in a permanent service, profession or business to be eligible for a loan.
• Loan schemes are for those funding residential house by way of construction, purchase of new house or flat, existing house or flat not more than 35 years old, extension or renovation of existing house.

Home Loan Amount
• Tenor of a home loan can be up to 20 years for a resident individual and 10 years for non-professional NRIs, subject to maximum age of 60 years for resident Indians and 55 years for NRIs on loan maturity date.
• In case of home loans for purchase or construction, 85 per cent of the total cost of the house will be available as a loan.

Margin
• 15 per cent of the cost of purchase/ construction/ repair/ renewal/ renovation of a residential property or a vacant plot need to be brought in by the loan seeker.

Processing Fee
• Processing fee for loans is 1 per cent of the loan amount, subject to a maximum limit of Rs. 50,000 plus service tax.

Prepayment fee
• 2% of the loan amount prepaid.

Repayment Period
• For 'Griha Prakash', the repayment tenure is up to 20 years or before retirement or 60 years of age (whichever is earliest).
• The loan tenure is 5-15 years, or 60 years of age.
• For purchase of vacant plot/site, the loan repayment tenure is up to 10 years or before /at the retirement age, or 60 years of age (whichever is earliest). However, in case of purchase from government bodies/statutory bodies, the maximum tenure is 15 years.
• For Non- Professional NRIs term is restricted to 10 years, but 15 years for Professionals. It shall, however, not exceed retirement age or 55 years of age, whichever is earliest.

Common requirements:
Duly Filled in Application Form.
• Income Particulars, as applicable, along with copies of Updated Bank Statements / Passbooks of each Applicant for the past 6 months.
• If Property has been identified / already belongs to the Applicant (s) then:
• Copy of Approved Plan
• Copies of Title Papers

Additional Documentation for Salaried Applicant (s):
• Copies of Payslips of the Applicant (s) for the past 6 Months till the Month preceding the Month of Application
• Copy of Appointment Letter / latest Pay Revision Letter, if possible.
• Copies of Form 16 with copies of ITRs & Computation Statement for latest Assessment Year.

Additional Documentation for Self-employed Applicant (s):
• Copies of last 3 years ITRs with Computation & Personal Financial Statements of the Applicant (s) along with copies of TDS Certificates / Income Tax Paid Challans.

Additional Documentation for NRI Applicant (s):
• Copies of Valid & Attested / Notarised Passport & Visa / Permanent Resident Card.
• In case of Employment, copy of the Valid Employment Contract.
• Copies of Updated Bank Statements / Passbooks of Bank Accounts in India as well as the relevant Country, in case of each Applicant for the past 6 months.

Additional Documentation for considering Income from Rentals:
• Copies of latest Municipal Tax Receipt (s) & Title Papers in favour of the Applicant (s).
• Copy of Lease Agreement (s).
• Full details regarding TDS & Monthly / Annual outgoings.