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Corporates
1. Staff Quarters
Purpose : Construction/purchase of Staff Quarters.
Applicant : Reputed Listed Public Limited or PSUs.
Repayment Mode : Equated Monthly
Security : Equitable Mortgage and any other security.
Rate of Interest : Quoted on Application.
2. Line of Credit "To" Scheme
For the organizations having Housing Finance schemes for their employees, LIC HFL is providing loans under Line of Credit scheme. The scheme is to make available Line of Credit to the Borrower Organization to fund its Housing Finance scheme for employees
Mode of Advance : On the basis of periodical statement of housing loansanctioned to its employees. The Borrower company shall disburse the loan to its employee within 15 days of availing disbursement from LIC HFL
Security for the Loan : 1) Deed of Guarantee by the Beneficiary employee to the extent of the loan advanced to him by the employer company
2) Equitable Mortgage of the individual units financed under the LOC in the form of Deposit of title deeds to be submitted to the borrower company on behalf of LIC HFL
Repayment of the Loan : Loan repayment will be made directly by the Borrowing Company to LIC HFL.
3. Line of Credit "Through" Scheme
For an Organization where direct HBA facility is not available, the Line of Credit - "Through" scheme will help the organization fulfill the needs of their employees for availing the housing loan. Under this scheme, LIC HFL will make available funds to their employees, as recommended by Company to enable employee-beneficiaries ´ (borrowers) to avail loan
Mode of Advance : Linked to the construction
Security for the loan : 1) Security of the mortgaged property financed
2) Borrowers will have to execute mortgage of their properties in favor of LIC HFL
3) Employee borrower will have to execute a Loan Agreement which will have to be countersigned by the employer guaranteeing the repayment
4) Guarantee from the employer for repayment of entire loan with interest and other dues, if any.
Repayment of Loan : Through salary deduction
 
 

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