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You can get a maximum of 75% of the property amount as the loan amount. A home extension loan is offered for the extension of an existing house. For example, you want to add a floor to a house. LIC top-up home loan is available for both new and existing customers. It can be availed for any purpose over a current loan amount.
You can also check home loan eligibility based on your salary + any other additional income you may get it. If you are not getting home loan based on home loan eligibility with one bank, you can check for another bank as others might compute in different methodology. You can pick-up lowest home loan interest rates from this list.
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It can be in the form of a bonus/reimbursement/incentive. However, 70% of the salary should be through the banking channel. High Income – A person earning high income has more chances of getting lower rate and higher amount. Make use of your good credit score – You must have CIBIL score of 650 or above to get approval for it.
However, the final rate offered to you is solely at the bank’s discretion. NRI house loan scheme for land purchase, home improvement/renovation, top-up home loans, and balance transfer of the existing home loans from other banks or NBFCs to LIC Housing Finance. HDFC people guided to take Pradhan Mantri scheme for the home loan.
How can I reduce the interest rate burden on my Home Loan?
The rate at which banks borrow money from RBI is termed as the Repo rate. As the repo rate increases, the banks borrow money from RBI at higher interest rates and vice versa. This results in an increase in the home loan interest rates for individual borrowers. To buy a house through a home loan, we prefer the lowest home loan interest rates. Since a housing loan may continue for 30 years. It is quite normal that people look for a lower rate of interest.
This can help reduce monthly repayment amount. Individual must preserve all the documents which are needed to provide proof that individual has used the loan amount on a house. If the amount was used to carry out repairs or renovations, he must preserve the bills for materials and labor.
How do Banks Calculate Home Loan Interest Rate?
I have taken home loan directly through LIC Housing Finance Ltd. From LIC, they offered a home loan and the loan amount was Rs. 27,00,000. The rate of interest was high 9.15% with the duration period of 20 years and i am paying EMI of Rs.24,000 and they given this loan very faster . LIC HFL offers a variety of home loan schemes for salaried and self-employed individuals. Listed below are all the home loan schemes which can be availed by the customers. LIC also offers schemes for purchase of plot, commercial property, etc.
Only a few NBFCs accept such cases but then they give high rates. How can I change the interest rate for LICHFL home loan? You can change the interest rate for the home loan availed from LICHFL by logging into the customer portal.
But also make sure the loan tenure is optimized to save you more. An optimized tenure means neither too short nor too long. An example below can help you understand it better. Check LIC home loan schemes to suit your needs such as loans for Construction / Purchase / Repairs / Renovation / Extension / Plot purchase / Loan against Property / Loans to Professionals and more. The rate of interest was 5% because i am a LIC employee so they have provided me the loan quickly and it was sanctioned with in week. To reduce your home loan interest rate you can opt for the floating rate of interest by contacting your lender.
The field executive gave me the door step service and within 20 days I received the money based on the builder plan in one shot. But the drawback with them is the rate of interest is higher than others. The office staff are very bad behaving with customers. LICHFL is very fraud, corrupt to the core and worst organisation. They even wanted money for the closure/balance transfer of loan. Employee named piyali das posted at chowringhee sq branch was involved with the branch manager.
We'll ensure you're the very first to know the moment rates change. Suresh KP i.e. me, have written 2,200+ articles on this Blog. I love doing analysis on various Best Investment Plans like mutual funds, Stocks, IPO’s, NCD Bonds, Insurance products. This scheme is for the purpose of construction or ready-to-move-in-home or the construction of your own house. Armaan is the India Lead Editor for Forbes Advisor.
So, it’s advised that you compare LIC Vs HDFC home loans thoroughly before cashing in on one. LIC Housing Finance Limited offers home loans starting at 8.00% p.a. I have taken a home loan from LIC HOUSING FINANCE on 3 years back to purchase site and for construction my friend has suggested to take this loan. I got loan the loan amount around 27L with tenure period of 20 years. The rate of interest was 8.75% and processing fee was deducted around 8K.
Both LIC HFL and HDFC Ltd offer a variety of home loan schemes at attractive rate of interest. However, while choosing home loan products it’s better than you go through all charges and other terms and conditions before applying for one. For instance, LIC HFL charges low processing fee, whereas HDFC offers interest rate concession for women applicants.
I have taken the loan amount of Rs. 7.5L and I have chosen the tenure period of 20 years. To sanctioned this loan almost they took 10 to 15 days. Since I'm a salary account holder, the documentation process was quite high.
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