Owning a home is dream for everyone. Nothing should stop you from realizing your dream. Introducing Griha Suvidha Home Loans from LIC HFL where your age, income type do not matter. This Mortgage Guarantee backed housing loan is helping many families own a home by overcoming traditional eligibility barriers. These loans are also eligible for subsidy under Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY- CLSS)
Online Home Loans
Apply for Griha Suvidha Home Loan online. Click here
Eligible Customers under Griha Suvidha Home Loan
- Applicants where part of the Salary is through cash
- Applicants nearing retirement wanting extended loan term
- Self-employed individuals wanting extended loan term
Loans to Applicants where part of the Salary is through cash
Eligibility & Conditions:
- Applicant should necessarily be getting at least 70% component of the Salary through Banking channel.
- Cash component in the form of OT/ Incentive/ Bonus / Vehicle charges/ Reimbursements not forming part of CTC or not reflected in Form no. 16, can be treated as an additional income for salaried employees. Such cash component will be restricted to maximum 30% of the total income.
- Loan term to be restricted up to the age of retirement of Senior Applicant whose income is considered for loan calculation.
- Maximum 2 cash salaried borrowers can be Co-Applicants in the loan.
- Total gross income will be capped to ₹ 30,000/- per month for 1 borrower & ₹ 40,000/- per month in total for more than 1 cash salaried borrower.
Salaried Employees having No Pension
Eligibility & Conditions:
- Loan term can be considered beyond retirement age, subject to payment of entire outstanding loan at the time of retirement.
- Maximum loan term can be extended by 10 more years post retirement i.e. if an applicant is aged 45 years and retiring at the age of 58 years, the term that can be given will be 23 years (attainment of 68 years of age).
- Maximum loan tenure will be 30 Years.
- Maximum age at the time of application of loan will be 50 Years.
Self Employed Individual wanting extended loan term
Eligibility & Conditions:
- Loan term beyond 70 Years and up to 75 Years of the senior applicant.
- Maximum loan tenure will be 30 Years.
All such loans are Mortgage Guaranteed by IMGC and hence, one time premium is payable as indicated below for salaried and self-employed employees:
| For Salaried | |||||
|---|---|---|---|---|---|
| Loan Amount(₹ Lacs) | |||||
| LTV (%) | ₹10- ₹ 75 | >₹ 75 | |||
| upto 65 | 0.90% | 1.40% | |||
| > 65-75 | 1.15% | 1.55% | |||
| > 75-80 | 1.35% | NA | |||
| > 80-85 | 1.40% | NA | |||
| >85 | 1.55% | NA | |||
| For Self Employed | |||||
|---|---|---|---|---|---|
| Loan Amount(₹ Lacs) | |||||
| LTV (%) | ₹ 10- ₹ 75 | >₹ 75 | |||
| upto 65 | 1.00% | 1.50% | |||
| > 65-75 | 1.30% | 1.75% | |||
| > 75-80 | 1.50% | NA | |||
| > 80-85 | 1.60% | NA | |||
| >85 | 1.75% | NA | |||
One time Insurance premium for Mortgage Guarantee has to be borne by the Applicant/s. The premium will be deducted upfront from the 1st disbursement proceeds.
Processing Fee
| Loan Slab | Fees |
|---|---|
| Upto 1 Crore | 0.50% of loan amount subject to minimum of ₹5000 plus GST & maximum of ₹15000 plus GST |
| Above Rs.1 Cr & upto Rs.3 Crores | 0.25% of loan amount subject to maximum of ₹50000 plus GST |
Interest Rate on Griha Suvidha Home Loan
| Rate of Interests (Floating - Linked to LHPLR) Current LHPLR - 14.70% | |
| Griha Suvidha/Griha Suvidha Apna Ghar- EWS/ LIG |
| Loan Slab (CIBIL >= 700) | Salaried & Professional | Non-Salaried & Non Professional |
|---|---|---|
| More than 10 Lakhs & Up to Rs. 2 Cr | 6.91% | 6.91% |
| More than 2 crs & Up to Rs. 3 Cr | 7.15% | 7.25% |
| Loan slab | CIBIL Score | Salaried & Professional | Non-Salaried & Non Professional |
|---|---|---|---|
| More than 10 lakhs & up to 50 lakhs | CIBIL 650-699 | 7.35% | 7.45% |
| CIBIL 600-649 | 7.55% | 7.65% | |
| CIBIL < 600 | 7.75% | 7.85% | |
| CIBIL < 0 NTC | 7.45% | 7.75% | |
| More than 50 Lakhs & Up to Rs. 1 Cr | CIBIL 650-699 | 7.55% | 7.65% |
| CIBIL 600-649 | 7.85% | 7.95% | |
| CIBIL < 600 | 7.95% | 8.05% | |
| CIBIL < 0 NTC | 7.65% | 8.05% | |
| More than 1 Cr & Up to Rs. 3 Crs | CIBIL 650-699 | 7.65% | 7.75% |
| CIBIL 600-649 | 7.95% | 8.05% | |
| CIBIL < 600 | 7.95% | 8.05% | |
| CIBIL < 0 NTC | 7.95% | 8.05% | |
| *Other conditions will be same as applicable to Griha Siddhi Product | |||
| ** For P+C cases under Griha Suvidha, applicable ROI is 25 bps more than Griha Bhoomi. | |||
| * 1) In case of joints applicants, CIBIL score of applicant having highest score will be considered 2) For cases where CIBIL score is Zero or less and loan amount is more than Rs 1 Crs & up to Rs 15 Crs, the ROI applicable will be as per the CIBIL score less than 600 in the respective categories |
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All loans will be sanctioned at the sole discretion of LIC HFL. For more information on Griha Suvidha Home Loans contact nearest Area Office.
