lic home loan products overview

By: DILEEP KESHAVA NARAYANAMobile number: +918277673873

HOME LOAN AGENTLIC Housing Finance Limited

Ref: LICHFL/WFH0052Agent code: 0155461P

IRDA License No: 10328528IRDA License Date of Expiry: 16/12/2017

Branch office: 61PDev. Officer’s/CLIA’s Name: Vijay Rangadas

Buy, Construct, Repair Residential plot.

House.

Flat.

Repair/Renovation/Extend my House.

Clinic.

Office.

By: Dileep Keshava Narayana

•Children’s education.•Marriage.•Foreign travel.•Purchase of another property.•Expansion of Business.

Who are eligible for the LIC home loans ?

Resident Indians.

(Salaried, Self-employed, Professionals)

Non - Resident Indians.

Pensioners.


Types of Loans for Resident Indians Purchase.

Construction.

Extension.

Repairs/Renovation.

Plot Purchase.

Take over from other Institution/Banks + Top up.


Types of Loans for Non - Resident Indians Purchase.

Construction.

Extension.

Repairs/Renovation.

• Residential Plot• House• Flat


Types of Loans for Pensioners Before Retirement.

After Retirement.


Types of LIC Housing Loan plans• Home loans for all:- Griha Prakash. New Griha Lakshmi.• Non-Resident Indians:- Griha Shobha. Mortgages:- Griha Vikas. Rental securitization.• Professionals:- Apna office1. Apna office2.


Home loans for all - Griha PrakashPlan Anyone within these can avail this Plan: -

I. Salaried Groups.

II. Self-Employed Persons.

III. Professionals.

In this plan you can get loan for: -

I. Purchase.

II. Construction.

III. Renovation/Extension/Repairs

IV. Take over of Housing loan from other Institution/Bank

• Resident Plot• House• Flat


Home loans for all - New GrihaLaxmi Plan Loans can be obtained against with securities of:-1) Life Insurance policies.2) Post office Instruments/Deposits.3) Fixed Deposits of the Nationalized banks. Anyone within these can avail this Plan: -I. Salaried Groups.II. Self-Employed Persons.III. Professionals. In this plan you can get loan for: -I. Purchase.II. Construction.III. Renovation/Extension/Repairs.

• Resident Plot• House• Flat• Clinic or Office


Home loans for Non resident Indians – Griha Shobha Who can take this loan ?

1. Non resident Indians (Persons of Indian Origin).

2. Working abroad (must be in service).

In this plan you can get loan for: -

I. Purchase.

II. Construction.

III. Renovation/Extension/Repairs.


• Resident Plot• House• Flat

Loans for Mortgages – Griha Vikas Loans against Mortgage of: -1. Residential House2. Flat

Anyone within these can avail this Plan: -I. Salaried Groups.II. Self-Employed Persons.III. Professionals.

In this plan you can get loan for: -I. Children’s education.II. Marriage.III. Foreign Travel.IV. Purchase of another property.V. Business expansion.


Loan for Mortgages – Rental Securitization. Loans against Mortgage of Rent receivables from: -1. Residential House.2. Flat.3. Commercial property.

Anyone within these can avail this Plan: -I. Salaried Groups.II. Self-Employed Persons.III. Professionals.

In this plan you can get loan for: -I. Children’s education.II. Marriage.III. Foreign Travel.IV. Purchase of another property.V. Business expansion.


Loans for Professionals – Apnaoffice1 Any Professionals can avail this Plan: -I. Doctors.II. Engineers.III. Architects.IV. Chartered accountants etc.

In this plan you can get loan for: -I. Purchase.II. Construction.III. Renovation/Repairs/Extension.IV. Purchase of Professional equipment.


• Commercial Premises

• Own Professional Practice

Loans for Professionals – Apnaoffice2 Any Professionals on the basis of projected income

and cash flow can avail this Plan: -I. Doctors.II. Engineers.III. Architects.IV. Chartered accountants etc.

In this plan you can get loan for: -I. Purchase.II. Construction.III. Renovation/Repairs/Extension.IV. Purchase of Professional equipment.


• Commercial Premises

• Own Professional Practice

Common Supporting documents requirements Application form filled.

2 Photographs.

Residence proof.

Copy of Original documents and linked documents with encumbrance certificate.

Copy of Sanctioned plan and Sanctioned letter.

Copy of NA permission/ULC clearance, if applicable.

Bank passbook/statements of two years.

Power of attorney, if applicable.


Additional requirements for Salaried Persons Employer’s salary certificate in our format/salary slips

for the last 3 months.

Identity proof.

Form 16 for 2 years.

Bank passbook where salary is credited for last 6 months.

Copies of other bank accounts for last 6 months, if any


Additional Requirements for Businessmen/ Self-employed/ Professionals Latest 3 years IT

returns/assessment orders and supporting computation of Income statements.

Latest 3 years audited balance sheet, P&L account, annual reports etc.

Form 16A, if applicable Bank statement of 12 months

of Business/firm.

• Credit worthiness certificate from Lenders, If any loan availed.• If partner of a firm, audited financial reports of the firm for last 3 years.• ITR and computation of the firm of last 3 years, Profile of the firm and Certificate of Registration of the firm.• Copy of Partnership deed.• Copy of firm’s last 6 months bank statement.


Additional requirements for Purchase from Builder Copy of agreement for sale.

Copy of registration receipt.

Copy of receipts of payments already made.

NOC from Builders.

Set of title documents along with legal opinion, if any.


Additional Requirements for Direct allotment in a Cooperative Housing society.

Allotment letter.

Share certificate.

Society registration certificate.

Copy of sale/lease deed in favour of the society.

NOC from society.


Additional Requirements Direct allotment in a Cooperative Housing society by Public agency.

Allotment letter, share certificate, Society registration certificate.

Least agreement.

Public Agency’s approved list of members.

NOC from Public agency in favour of LICHFL.

NOC from society.


Additional requirements for Public Agency allotment to individuals.

Allotment letter from public agency.

Tripartite agreement between borrower, LICHFL and the public agency in the prescribed format.


Resale cases and the property mortgaged to bank/FI by the vendor (seller) Copy of previous vendor registered documents attested by bank

along with copy of purchase agreement duly stamped and registered and the registration receipt.

List of documents held by bank/FI as security for the loan on the letter head.

NOC in favour of LICHFL for release of mortgage and release of original documents after the receipt of money.

Type of mortgage created (Equitable or registered). Closure quotation giving break up principal, interest and other

charges. For take over loan: submit track record of monthly repayments

since the inception of loan.


Stages involved from application to disbursement. Submission of application along with supporting documents. Personal interview by company official. If loan application is accepted the upfront fees (Non-refundable)

of 0.5% of the amount applied + Service tax. Total upfront fee of 1% of loan amount + service tax.

Issue of Loan offer letter by the company. On receiving loan offer rest 0.5% upfront fee and submit

requirements, if any. Title clearance through our panel advocate. Disbursement will be made after the applicant has invested

his/her share. Letter to panel Valuer of the inspection of property. If the valuer’s report is ok, collect documents for stamping.


Stages involved from application to disbursement. Execution of documents and disbursement.

1. As the validity of the stamped documents is 6 months. (Note: - Documents should be stamped only after the valuer’s report).

2. Other documents stamping such as Memorandum of deposit of Title deeds, Deeds of guarantee as per the local law.


THANK YOU

By: - DILEEP KESHAVA NARAYANA

MOBILE NUMER: +918277673873

HOME LOAN AGENT

LIC HOUSING FINANCE LIMITED.

REF: LICHFL/WFH0052

AGENCY CODE: 0155461P

IRDA LICENSE NUMBER: 10328528

IRDA LICENSE EXPIRY: 16/12/2017


lic home loan products overview

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