LIC Home loan products overview

By: DILEEP KESHAVA NARAYANA
Mobile number: +918277673873
HOME LOAN AGENT
LIC Housing Finance Limited
Ref: LICHFL/WFH0052
Agent code: 0155461P
IRDA License No: 10328528
IRDA License Date of Expiry: 16/12/2017
Branch office: 61P
Dev. 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 Prakash
Plan
 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 Griha
Laxmi 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.
I. Salaried Groups.
III. Professionals.
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).
I. Purchase.
II. Construction.
III. Renovation/Extension/Repairs.
• Resident Plot
• House
• Flat

Loans for Mortgages – Griha Vikas
 Loans against Mortgage of: -
1. Residential House
2. Flat
I. Salaried Groups.
III. Professionals.
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.
I. Salaried Groups.
III. Professionals.
I. Children’s education.
II. Marriage.
III. Foreign Travel.
IV. Purchase of another property.
V. Business expansion.

Loans for Professionals – Apna
office1
 Any Professionals can avail this Plan: -
I. Doctors.
II. Engineers.
III. Architects.
IV. Chartered accountants etc.
I. Purchase.
II. Construction.
III. Renovation/Repairs/Extension.
IV. Purchase of Professional equipment.
• Commercial
Premises
• Own Professional
Practice

Loans for Professionals – Apna
office2
 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.
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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