Now that you have prepared yourself to avail a home loan, it is important that you need to know certain factors so as to grab the best deal. That’s Right! And, when we say an important factor, the first and foremost thing that comes to the mind is finding the best lender, right?
So, if you are someone who is willing to avail an online home loan, how about availing the same from LIC? That’s Right! Life Insurance Corporation is one such reliable name that has created its own niche in the industry. With its widest range of products and services, this NBFC is considered to be one of the most reliable and trustworthy names as far as availing a housing loan is concerned.
Well, as we were saying about certain factors that you need to keep in mind before cracking the deal, so let’s not keep you wait any longer and give you a brief about LIC housing loan in the article below.
Interest Rate: The first and foremost thing that plays a crucial role in your overall loan journey is the home loan interest rates. It is always advisable to check the rates before you say yes to the lender so that you can enjoy the hassle-free journey in the future. Currently, the lender is offering the credit at an interest rate ranges between 8.35%-8.70% per annum.
However, if you look at the same, you will figure that the NBFC offers the lowest home loan interest rates that also allow you to enjoy a pocket-friendly EMI.
Loan Amount: Talking about the loan amount, the lender at present offers you the loan of up to 75%-85% of the property value. Yes, which simply means you need to manage the remaining, i.e.25%-15% of your own to fund your loan. Moreover, the same amount is easy to manage you have enough savings for the same. You can use your spouse’s income, mutual fund investments or other government saving schemes to manage the remaining loan amount.
Tenure: Another vital factor is a loan tenure that should always be on your mind whenever you want to apply for home online. After knowing the tenure, it becomes easier for a borrower to plan his/her loan smartly. A loan should be easy to repay and that can only happen if you have the flexible tenure options. However, in the case of an online LIC home loan, the lender offers this credit facility for a tenure of up to 30 years in case of salaried or 20 years in case of self-employed.
Processing Fee: One thing that needs to be mentioned here is the fact that while availing a loan, many people without thinking about the long run, say yes in so hurry while forgetting that they have a one-time processing fee to pay. That’s Right! At the time of availing a loan, there is a processing fee that needs to be paid by a borrower to the lender as then only the process is completed. In this case, the loan-seekers need to pay ₹5,000-₹10,000+GST as a processing fee which is of course, non-refundable.
Eligibility: If we go deep down into the matter, it would not be wrong to say that the home loan eligibility is something which needs to be taken care of. Before offering the loan, the lender always checks the same and offer the funds after being satisfied. Talking about the eligibility, the lender after taking into account- age, income, credit score, work experience, job stability and employment type decides whether an applicant is eligible for a loan or not.
Documents Required: You always need to keep the documents in-hand while applying for the HL. One of the prime reasons for a loan rejection could be inappropriate documents, which obviously you don’t want. Be documents ready in case of LIC housing loan as it allows you to grab the best deal and that too without any hassle. Yes, there is going to be a smooth sail for you, if you have the proper and complete documents.