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Is LIC HFL Good For a Home Loan?

LIC Housing Finance Limited (LICHFL) offers a variety of home loan alternatives with some of the most competitive interest rates on the market. LIC Housing Finance Limited provides affordable home loans with flexible repayment terms for up to 30 years depending on the loan amount. Although a processing fee of up to 0.50 % of the loan amount + GST may be charged. LIC housing finance loans are available to salaried, self-employed, and pensioners for a variety of purposes, including home building, home buying, land purchase, and home improvement. NRIs and retirees can however take advantage of LIC HFL’s housing loan plans, which have even lower interest rates. 

Benefits of LIC HFL 

There are various benefits that LIC offers along with it’s home loan. Some of the benefits that come along a LIC home loans are as follows:

Interest Rates

When applying for a loan as big as a home loan, the interest rate becomes an important consideration. After all, even a minor decrease in your LIC home loan interest rate can help you save big on the total interest amount that you would be paying. Being a public sector bank LIC offers home loans at affordable interest rates as compared to other public sector banks. 

Pre- Approved Loan Offers

LIC HFL offers pre approved home loans for its customers which gives the customer the benefits of instant approvals on your home loans. With pre approved loans the borrower gets instant access to the funds. The customer gets the maximum benefit from a pre-approved home loan. Offer as the funds are made available instantly for the borrower to use. 

Improve Credit Score 

Whenever you apply for a home loan at LIC, and get approval from your lender, it has a positive impact on your overall credit profile. When you take out a long tenure home loan with a number of monthly repayments. And are successfully paying your EMI every month. It would reflect positively on your credit profile and would eventually increase your CIBIL score overtime. 

Concessions for Women Borrowers

LIC HFL provides an additional concession on the interest rate that LIC charges on the home loan application. 

Easy Process

The process to apply for a LIC home loans is an easy and hassle free process. You can also apply online for a LIC HFL home loan with less documentation requirements and a quick process. 

Additional Security

Along with all the other benefits that come along with a LIC home loans, it also provides insurance linked security with its home loans. 

Large Network

It has a number of branches spread across the country to provide better customer service. This makes it easy to apply for a LIC home loan as well as it makes it easy for LIC to provide better after sale services. 

These are all the benefits that come along with a LIC HFL home loans. Therefore it is a wise decision to apply for a home loan at LIC. If you are thinking to either buy a new house. Or renovate an existing one by taking out a home loan.

Read Also:- Difference Between a CIBIL And a Credit Score?

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