LIC HOUSING FINANCE LTD
Relaxable conditions ( on a case – to – case basis)
Maximum Age of Building : 35 yrs
Min. Disp Income : Rs 72000
Business was profitable for the last : 3 yrs
No. of guarantors required : 1
Security required : 1st mortgage only
Collateral required : LIC Life insurance policy req.(else intr rates 0.5% higher)
Refinance Charge : 2%
Prepayment Fee : 1 %
Free Personal Accident cover : Not Provided by company
Free Personal Property Insurance :Provided by company
Days taken to process/disburse loan :15
Other Benefit :No loan repayment for the first 6 months. Life insurance cover upto the amount of the loan for the entire tenure of the loan must be taken else interest rate charged goes up by 0.25%.
WHAT ARE THE SUPPORTING DOCUMENTS REQUIRED WHILE APPLYING FOR THE LOAN?
Common requirements for all applicants.
a. Application form duly filled in.
b. Copy of sanctioned plan and sanction letter.
c. Copy of NA permission.
d. One guarantor form and his salary certificates in our format. If guarantor is in business,copies of I. T. returns or assessment orders for the last three years are required.
e. Bank Pass-book or statements for the last two years.
f. Ration Card.
(For salaried persons)
– Employer’s salary certificate in our format/and latest salary slip/ 3 years IT returns
– Identity card of applicant/s.
– TDS certificate of applicant/s.
– PF/ESIS slip of applicant/s.
(For businessmen / self-employed)
Three years’ income tax returns/assessment orders, computation of income and statements of accounts certified by C. A.
(In case of purchase from builder)
– Copy of Agreement for sale.
– Copy of registration receipt.
– Copy of sanctioned plan & sanction letter of the competent authorities.
– Copy of NA permission/ULC order.
– Copies of receipts of payments already made.
– NOC from builders in our format.
(In case of direct allotment in a Co-operative Housing Society)
– Allotment letter.
– Share certificate.
– Society registration certificate.
– Copy of sale/lease deed in favour of the society.
– NOC from society in our format.
(In case of direct allotment to a Co-operative Housing Society by MHADA.)
– Lease Agreement.
– NOC from MHADA in favour of LICHFL
– MHADA’s approved list of members.
– NOC from society in our format.
(In case of resale.)
– Copy of all previous vendors’ agreements duly stamped and registered and the registration receipts.
– NOC from Society/Builder in our format.
– Original Share Certificate.
( Requirement in case of AFNHB)
– Tripartite Agreement.
– Original allotment letter.
Before disbursal the following original documents will be required
a) Chain of documents for the last 12 years ( Title clearance)
b) Encumbrance certificate for the last 15 years
c) Proof of investment of margin money
d) Deed of guarantee
e) Promissory note
f) Policy duly signed
g) Fire and property policy
Set up under the Companies Act, 1956. Incorporated on 19th June, 1989 and recognised by National Housing Bank. The company has about 25% market share in the housing finance industry. A wide network in the Industry with 67 Area/Unit Offices plus 6 Regional Offices across the length and breadth of the country and about 5000 LIC Agents trained for housing finance. Today the Company has a proud group of over 5.90 lakh prudent house owners who have enjoyed the Company’s financial assistance. The company has so far sanctioned over Rs.133 Billion (Rs.13300 Crores) and disbursed Rs.117 Billion (Rs.11700 Crores).
Home loans to both Indian and NRI customers at floating and fixed rate of interest.
· Loans to construct / buy a new home
· Loans for purchase of a second home ( Bridge Loans)
· Loans for home extension
· Loans for home repairs
· Loans for purchase of plots
· Loans against mortgage of property
· Loans to Corporate bodies (Public Limited Companies/Public Sector undertakings) for Staff Quarters.
· Loans to Corporate bodies (Public Limited Companies / Public Sector undertakings) for onward lending to employees to construct /purchase residential house/flat on ownership basis (Line of Credit “TO”) and Loans to individual employees of the Company as guaranteed by the Employer (Line of Credit “THROUGH”).
· Loans to Companies for office Premises
· Loans to Co-Operative Societies – Loans to individual members of Co-operative housing societies formed by employees of Public Sector Undertaking / Public Limited Companies with guarantee of the Undertaking.
· Loans to Public Agencies like Housing Boards etc., for residential housing projects.
· Bridge Loans to reputed Developers/Builders for housing projects.