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How Much Does LICHFL lend?
For How Long A Period Can I Get Loan?
What Is The Mode Of Repayment?
What Is The Security For The Loan?
When / How / Where Can Loan Application Be Made And How Long Will It Take?
The Co-owners of the property in respect of which financial assistance is sought, must be co-applicants. Usually joint applications are from husband-wife,father-son or mother-son. The co-applicants must be blood relatives.
Loan amount is determined on the basis of the repayment capacity of the applicant/s. Repayment capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc..
The maximum loan would be Rs.150 lakhs per unit to any individual applicant. We will extend loan upto 85 % of the cost of property vaue (including Stamp duty & Registration charges). Beyond Rs. 150 lakhs, individual cases would be decided based on merits.
We grant term upto a maximum of 25 yrs (maximum 15 years under GrihaShobha for NRIs). The term for the loan will under no circumstances exceed the age of retirement or completion of 70 yrs of age whichever is earlier.
Equated Monthly Instalment (EMI)
It means a uniform lumpsum amount, which includes repayment of a part of the principal amount and payment of interest, calculated on Monthly Rest basis. The amount is payable monthly.
EMI can commence -
- Immediately after full disbursement. or
- After the loan is fully disbursed or until 12 months from the date of first disbursement whichever is earlier
Untill EMI starts, Interest is payable on the Amount Disbursed on monthly basis.
The security for the loan is the first mortgage of the property to be financed by way of deposit of the title deeds, subject to local laws.
TAn Individual loan application form is available from any of our Offices and also can be downloaded from our website.
In case of purchase of new flat , you may apply for a loan after you have entered into an agreement with the Builder/Seller and have paid earnest money to the Builder/Seller to purchase the dwelling unit. Loan can be applied only at the Area/Unit office where the proposed property is situated.
In case of re-sale, the loan will be disbursed in a Single instalment, with least time-lag, provided, all the requirements are complied with expeditionsly. In case of construction, loan will be disbursed in instalments depending upon the progress of construction and on the requirements being complied with