A few benefits of borrowing a loan against an LIC policy is given below: Lower Interest Rate: The interest rate that is charged for a loan taken against an LIC policy is lesser than the interest that is charged when you borrow other types of loans. Flexible Repayment: Unlike in the case of other loans, wherein EMIs will have to be paid on a
Home Loan Features. Below are few features which make Our Home Loan different from others: Quick sanction and low EMI. Simple documentation. Maximum Tenure of 30 years subject to other terms and conditions*. Amongst the lowest rate of interest. No Pre-Payment penalty.
The policy shall be assigned to LIC as security for the loan. Interest on loan shall be paid on half-yearly basis. Interest is charged for a minimum period of 6 months. LIC can call for repayment of loan and interest by giving 3 months notice. If the loan is not settled, LIC can foreclose the policy and use policy proceeds to settle the loan.
The maximum age of the home loan applicant is 70 years at the time of maturity of the loan. The individual should have a monthly income of at least Rs.25000 in order to apply for LIC Home Loans. The applicant should have a credit score of at least 600 in order to be eligible for a home loan. LIC Housing Finance Limited's affordable home loan options range from Rs. 1 lakh to Rs. 15 crores, with flexible 30-year terms and attractive interest rates starting at 6.90% p.a. Depending on the circumstances, the processing fee is up to 0.5% of the loan amount plus GST.
LIC’s current rate of interest is ranging from 10% to 12% per annum. The loan will be secured itself by your Policy. Life Insurance Corporation charges a very low amount of interest with a friendly nature to pay the principal amount. It makes low interest so you can also go for a personal loan option.
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    • home loan rate of interest lic