LIC HOME LOAN

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LIC HOME LOAN

Taking a loan for buying a property helps in fulfilling the dream of owning a house. LIC offers customer friendly home loans for individuals looking for finance to buy a home. The LIC home loan is available for Indians living in India and abroad. A special pension home loan is available for individuals with a pension. Resident Indians can take a loan of minimum 1,00,000 Rs for purchasing a home or constructing a house. You can also take the loan for home extension of the existing property or house. The loan period is thirty years for salaried people and twenty years for self-employed individuals.

Non-Resident Indians living abroad can take an LIC home loan of minimum 1,00,000 Rs for home purchase, construction, and extension. The loan period for people with professional qualification is twenty years and the period for other people is fifteen years. The pension home loan is available before and after the retirement. People who are fifty years old or older than this with a pension scheme that allows them to draw a pension after retirement can apply for the loan before the retirement. The loan period is fifteen years or when a person becomes seventy years old. The after-retirement pension loan is available for pensioners who have a stable pension post-retirement. The person has to repay the loan before the age of seventy years.