Griha Shobha - The Griha shobha scheme is tailor made home loan scheme for the Indians settled abroad enabling them realize their dream of building their own house according to their desire. The minimum loan amount offered under this scheme is Rs. 5 Lakh. The period for which an individual can acquire this loan scheme varies, for the professionals it is 15 years and for the non-professionals the loan term is 10 years. This scheme includes all purposes like construction, purchase, renovation of the property. In order to apply for the griha shobha scheme and for all other relevant information like the rates of interest etc. you can log onto the company's website and get all desired information.
Griha Sudhar - LIC Home loans offer a unique scheme esp. for the purpose of refurbishment and reconstruction of housing property. The amount of the loan cannot exceed 85% of the entire cost of renovation and 25% of the present market value of the property, whichever of the two is lower. LIC Home loan offers maximum of Rs. 10 lakhs under this scheme. The interest rates vary from city to city.
Besides these services LIC also offers home loan services to the pensioners both before and after retirement. The housing loans under this scheme can be acquired for host of purposes ranging from construction/restoration/renovation/extension of both new and existing properties. Any individual who has acquired an age of 50 years or more and receives pension after retirement can apply for this scheme. The duration for which the loan is acquired is either 15 years or attaining an age of 70 years, whichever is earlier.
Green Channel - The Green Channel facility is particularly for the skilled professionals like the doctors, advocates, CAs, CS, Computer engineers etc. These professionals can apply for loan under any scheme and have to make a one time payment of processing and administrative fee.
Life Insurance Corporation of India grants home loans at an exciting interest rate. These rates are not only affordable by the customers but are also easily repayable. The fixed rate of interest charged by the bank for a period of 0-20 years is 10.5% - 11.00% per annum. The floating rate of interest charged by the bank is 9.5% per annum. These rates are subject to change without any prior notice. For current rates applicable in the year 2009 you can contact the bank personally.
LIC home loan EMI calculator helps the customer to calculate his/her repayments on home loans availed. This calculator is easy and simple to use. All you are required to do is enter the estimated loan amount, rate of interest and the loan tenure in the calculator. Your estimated repayments will be computed in the calculator and will be flashed on the screen.
Step up EMI - This facility is for those loan borrowers who have good future prospects of raise in salary and are under an age group of 35 years. The Step-up EMI facility provides an easy and flexible repayment mode by hiking the EMI during the loan period (15 years). under this facility the initial cost of the EMI would be fixed at a lesser amount and would be changed twice during the loan tenure i.e. in the 6th year and the 11th year and the EMI so stepped up would be anything 10% or 15% or may be 20% of the monthly installment amount proffered by the loan applicant in the beginning.
We all are aware that the LIC of India provides home loans to its customers. It also sets an eligibility crieteria which has to be followed by each and every home loan applicant. Some of them are mentioned below:
- Must be above 21 years of age
- Must have a regular income from a stable source
- Can be self employed or employed in any organization of repute
- Must be in a position to repay the loan amount availed
- Must be working in the same organization for more than three years
LIC Home Loans for NRI
LIC Home loans offers a distinctive service to the Indians settled in Gulf countries. LIC Housing Finance Limited has a representative office in Dubai/Kuwait and is approved to provide loans on the basis of the applicant's capacity to repay the loan so acquired. Though, the payment of the loan will be made in India itself. LIC home loans for NRI has helped a lot of people directly as well as indirectly. Life Insurance Corporation provides home loans to NRI customers and helps them in realizing their dream of owning a house in India. You can contact the bank directly for more details on the same.
LIC Home Loan Review
Life Insurance Corporation of India is one of those names which, its customers can afford to trust blindly. This is because of impeccable banking products and services offered by the LIC of India. Customers seem to be more than satisfied after having an interaction with the bank and this is why the bank has received umpteen number of positive reviews. All customer feedback forms act as a review on the bank. Till now, the bank is one of those lucky banks around which can claim of having received the maximum number of positive reviews.
LIC Home Loan Feedback
Life India Corporation of India gives feedback form to its customers. On the basis of this form, the bank's services are reviewed. It is mandatory for each customer to fill up this feedback form and return it to the bank's concerned department. All the details entered in the feedback form is kept confidential by the bank officials.
To know more on home loan eligibility rules, you can contact the bank directly.
For further information on LIC Home loans you can log on:website: www.lichousing.com