Home Loan Eligibility: Home Loan EMI, LIC Home Loan

by

pankaj1

Most of the financial institutions in India offer home loan or housing finance for prospective borrowers under respective eligibility criteria which are mandatory to follow by all the prospective borrowers. There are many set of norms formulated by such lenders which require customers follow them in lawful manner so that the end process of sanctioning loan procedures could be facilitated without any hassle. Apart from eligibility criteria, submission of crucial documents is very important in order to facilitate the progress of loan sanctioning procedures of a bank in India. In addition, there are also some hidden costs including processing fees involved with such procedures that are mandatory to comply with to acquire of housing finance in India. Processing fee is non-refundable regardless of whether or not your loan is sanctioned.

Home loan eligibility criteria involve some considerations regarding the repayment capacity, age, and income plus credit score of borrowers. Such considerations are crucial as they ensure banks about trustworthiness and credibility of potential loan applicants. There are many instances in which borrowers can’t repay the entire loan amount due to insolvency. This is the reason that most banks in India require deposit of collateral or security to get housing finance. In this context, you can pledge your new home or property as collateral but won’t get the right of ownership until the entire loan amount is paid within the stipulated time to your bank. As said before, different financial institutions in India have their respective terms and conditions over housing finance. In this context, LIC home loan also involves certain eligibility and documentation processes including processing fees. As per the security, you need to mortgage new property on which the finance is given and one guarantor who can testify your credibility as loan applicant. You can avail maximum of Rs 1 crore for housing purpose from LIC. You ca repay your loan through easy EMIs through monthly rest basis. Both salaried and self employed individuals need to follow documentation procedures properly. The housing finance of LIC can be availed for new home purchase, home construction, home extension and home renovation purposes. Moreover, borrowers can also maximize LIC’s home loan emi calculator to get a better idea over payable EMI. Using the emi calculator is quite easy and handy. Just enter the required data like loan amount, tenure and interest rate. The calculator will tell you exact detail of payable emi regarding your home finance.

Check

Home Loan Eligibility

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LIC home loan

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