LIC Housing Finance

Griha Shobha (NRI Home Loan)


LIC housing finance ltd is also committed to help non professional loan seekers to take advantage of Griha Shobha LIC home loan project where they can get a minimum LIC home loan of 5,00,000 RS for a maximum time of 10 years. Professionals get an extended advantage of repaying back this LIC housing loan in 15 years.

Even while staying abroad, a true Indian’s heart always belongs to his home land. With the real estate still booming in India it is the best chance for the NRIs to take advantage of LIC NRI home loan plans to buy, construct, renovate, repair or even buy a plot at the place of their choice.

LIC housing finance limited OFFERS LIC NRI home loans in form of Griha Shobha. In order to enjoy LIC NRI home loans an individual should be at least 21 years of age and should have completed his graduation. Also, to become eligible for LIC NRI home loan, a person should have a valid Indian passport. Even PIOs can apply for LIC NRI home loan and have to produce valid foreign passport at the time of submitting the home loan application.

NRI LOAN HOME LOAN FOR NON RESIDANCE INDIAN
LOAN AMT Min. Rs. 100,000 - Max.Rs. AS PER ELIGIBILITY
DIS-Loan to Property Cost UP TO 7500000 LAKH 80% of total Cost of the property including Stamp Duty and Registration Charges.0R 7500000 LAKH AND ABOVE 75% of total Cost of the property including Stamp Duty and Registration Charges.
Rate of interest Change as per company policy or RBI guide line
Loan Term Upto 15 Years for professional & 10 years for non-professional or Retirement Age 60
Repayment Mode Equated Monthly Instalments (EMI) - Monthly Rest Basis
Processing fees as per scheme applicable [ once paid will not refunded ]
POA MANDETORARY AS PER FORMAT
Sanction letter Valid for 90 days
Title or Legal charge In built in the processing fees [ DOCUMENT AS PER LICHFL REQUREMENT ]
Valuation In built in the processing fees [VALUATION PURPOSE REQUREMENT APPROVED PLAN COPY+ AGREEMENT COPY OR OC COPY AS PER VALUAER REQUREMENT]
MARGIN MONEY NRO A/C REFECTION ON BANK STATEMENT LOAN AMT UP TO 75 LAKH OWN CONTRUBUTION PAYMENT IS 20% INCLUDING STAMPDUTY & REGD
MARGIN MONEY NRO A/C REFECTION ON BANK STATEMENT LOAN AMT UP TO 75 LAKH OWN CONTRUBUTION PAYMENT IS 20% INCLUDING STAMPDUTY & REGD
Disbursement Valid for your property document require as per company term & condition otherwise processing fees once paid will not refunded
INSURANCE APPICABLE AP PER SANCTION AUTHORITY
Security 0.20% total loan amt [example 100000 loan equitable mortgage] 1. Equitable Mortgage of House/Flat OR Deposit of Title Deeds
Security Other franking as per loan scheme + notary
Intimation mortgage applicable
TDS 1% TDS PAY TO GOVT AGREEMENT VALUE 49,99,999/ ABOVE MUST PAY 1% TDS
List of document Demand finance company
SECURE FEES AS PER COMPANY POLICY IF APPICABLE
FORECLOSER CHARGES AS PER COMPANY POLICY IF APPICABLE
EMI BOUNCE CHARGE 750 RS
RATE OF INTREST OPTIONS FIX & FLOTING AS PER SCHME
PREPAYMENT CHARGE NIL
SANCTION LETTER READ IT CAREFULY
COMMITMENT charges AS PER COMPANY POLICY IF APPICABLE
FAQ
Why should one take a loan against property instead of a personal loan?
A loan against property can be taken for any purpose like a personal loan. However, a loan against property has a lower rate of interest as well as longer tenure.

How much amount I can get in a loan against property?
The amount of loan against property given to you depends on various factors including your income, repayment capacity and your past credit history. It also depends on the value of the property used as collateral.

Can I take a loan against another property if I have a home loan from a bank?
Yes. Some banks offer loan against property even if you are repaying a home loan.

What is a fixed rate loan against property?
When a bank charges interest rates at a fixed rate then it is it is called a fixed rate loan against property. In this type of loan the interest on the loan about remain fixed and constant. You should opt for this only when you are sure that the interest rates have been at the bottom and can only go up.

What is a floating rate loan against property?
When the interest rate charged on a loan against property keeps changing with respect to the prevailing rates in the market over the tenure of the loan, then it is called a floating rate loan against property. This type of interest rates change periodically, and accordingly the tenure increases or decreases and also the EMI amount increases or decreases.

How the valuation of the property is determined?
The value of the property is determined by the bank offering you the loan against property.

What is an amortization schedule?
An amortization schedule is a table giving the information on reduction of your loan amount by monthly instalments. The amortization schedule has information about the breakup of every EMI towards repayment interest and outstanding principal of loan.

How can the loan against property be foreclosed?
A loan against property can be foreclosed by contacting the loan lending bank. Banks normally charge a small amount for foreclosing a loan amount. To foreclose the loan you have to issue a cheque favouring the bank. After clearance of the cheque the bank will release documents for that loan.

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ONLINE CONTACT
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