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The home loan arm of the Life Insurance Corporation of India, LIC Housing Finance Ltd., has several attractive features for individual borrowers |
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| Here are some of the salient features of their schemes : |
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| Maximuni Amount |
80% of the Price of the Property or Rs. 50 lakhs, whichever is lower subject to borrower's repayment capacity at the discretion of LIC. |
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| Rates Of Interest |
Upto Rs. 10 lakhs 13.5%
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Between Rs. 10 - 15 lakhs 14.5%
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Between Rs. 15 - 50 lakhs 15%
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| Other Charges |
A processing fee of 0.5 % of the loan subject to a maximum of Rs. 5,000/-. Administrative fee of 1%. |
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| Tenure Of The Loan |
The loan is repayable over a period of 5 to 20 years.
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| Repayment of loan |
Repayment is on Equated Monthly Installments basis depending on the amount and tenure of the loan. Interest is calculated on a yearly reducing balance. A penalty of 1% is charged for pre-payment within five years. |
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| Other Features |
LIC policy is taken as collateral security in all cases. |
