Full Form of HFL

LIC Housing Finance Ltd, often called LIC HFL, is a mortgage loan company in India. It has a corporate office in Mumbai. The government of India registers corporate offices. LIC HFL is one of the smaller companies of the larger company called LIC. Yet the company offers long-term financing to individuals. This is done to purchase houses, flats or any other residential property. It also gives loans for the repair and renovation of your already existing property. These properties may include clinics, nursing homes, diagnostic centres, office spaces and also for the purchase of equipment related to the construction. The company has a reputation in India. It has been offering loans to people for years now.

The LIC HFL started back in 1989. It began under the Companies Act of 1956. In 1995, the promotion of LIC HFL was done by the Life Insurance Corp of India. It went public in 1994 as well. According to the data for 2019, it has nine regional offices around the country. It has 24 back offices and 280 Marketing offices around the country. There are two offices in Kuwait as well as Dubai. These offices provide services to non-resident Indians in the Gulf countries.

There are more than 450 centres across India. LIC HFL currently has more than 12,000 marketing agents who can guide people through the loan process. People can also access the loan facility. Sudha official website of Lic. Yeah, Lic HFL has listed stocks on Bombay, the stock exchange and the national stock exchange of India. It also has a global listing on the Luxembourg Stock Exchange.

LIC HFL Loan Options

LIC HFL offers loans to people for housing purposes. The loan amount can range from Rs.1,00,00 to even Rs.15,00,00,000. The most common interest rate is 8.65% per annum. The tenure is flexible and can go up to 30 years. Generally, people are charged 0.50% of the processing fee of the loan amount with GST. Lic HFL offers housing loans not only for the citizens of India but also for NRIs.

Even pension holders can avail this opportunity. It offers the most number of schemes for salaried employees. This means that if you earn money every month, then you have access to a lot of skills by LIC HFL. You can loan up to 3,00,00,000 to purchase a house or residential property. You can also avail of a loan to construct a house or a residential property.

The maximum term of extension post-retirement is ten years. Under the LIC HFL Pradhan Mantri Awas Yojana, people can get a subsidy of up to Rs.2.67 lakhs for constructing or purchasing the first Pucca house. Under the LIC HFL Ghriya Suvidha Yojana, people can get subsidised loans under PMAY/CLSS for the first pucca house. Age, income type, and gender doesn't matter. Candidates can also avail of LICHFL plot loans to purchase residential plots. The eligibility amount for the loan is 75% of the property value. The repayment tenure is 15 years.

LIC HFL Home Loan Eligibility

To be eligible for the LIC HFL home loan, there is a fixed eligibility criterion. You cannot just go to the LIC HFL office and ask for a loan. First of all, you must have a good credit score. The eligibility depends a lot on your credit score, income, repayment, capacity and other such factors. The maximum age for getting a loan is 50 years for salaried employees. For self-employed people, it is 75 years. The minimum credit score that you must have to obtain a home loan is 600. You must have a minimum income of 30,000 per month. As a citizen of India, you can get a home loan from LIC HFL. As an NRI also, you can get a home loan from LIC HFL. You must have a work experience of at least two years.

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