Why LIC Housing Finance Is The Best Choice To Avail A Home Loan


When it comes to applying for a home loan, it would not be wrong to say that there are many lenders that offer you this secured credit facility. Thus, it is not everyone’s cup of tea to choose an ideal lender, offering the best deal. However, to keep you away from the dilemma and confusion of locating the best lender, we are here to help.

Yes, all you need to do is simply read this article below to find out more about the same. Well, many of you have heard about the Life Insurance Corporation, commonly known as LIC Housing Finance. But have you ever noticed why this name is so popular? What are those factors that make this housing company different from others?

Moreover, to get the answers to these questions, you simply need to read the article below.

The first and foremost factor which makes this NBFC so popular is its home loan interest rates. Yes, currently, the rates offered by this lender range between 8.45%-8.90% per annum, which is, of course, the lowest hence allow you to enjoy a hassle-free loan journey with pocket-friendly EMIs and Interest Outgo. With attractive rates, your loan repayment burden also reduces and as a result more and more borrowers get attracted towards the same.

Another eye-catchy factor that makes this NBFC in demand is the loan amount being offered by the same. Yes, no matter what sort of property you are willing to buy, this lender is ready to give away up to 75%-85% funding of the property value. That’s Right! It is the maximum loan limit that you can get from this lender thus can fulfill your dream of buying a beautiful home.

Talking about the repayment, the lender allows an applicant to repay the loan in 30 years for salaried and 20 years for self-employed. Now just imagine, you have the flexibility to repay the loan in easy and affordable monthly installments without any burden. A tenure of 30/20 years is a long time to repay your loan in pocket-friendly monthly installments, without feeling any financial burden.

How can we miss the processing fee? Yes, it is also one such prime factors that play a crucial role in an individual’s financial journey. If we talk more about the same, it is a one-time, non-refundable fee that an applicant needs to pay to a lender so as to process the loan application further. In this case, the lender charges a fee of ₹5,000 to ₹10,000 along with GST. This one-time fee is compulsory for an applicant to give away to a lender.

Apart from a one-time, non-refundable fee, there are prepayment/foreclosure charges also that a borrower needs to bear. Yes, if a borrower wants to pre-close his LIC Housing Finance online, you would be glad to know that no charges are there for the same. Yes, this lender allows you to pre-close your loan anytime without even asking you to pay any fee. What else you need?  

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