Is Taking a Loan From LIC Advisable?

LIC Housing Finance Limited (LICHFL) provides a range of home loan options with some of the lowest interest rates available. LIC Housing Finance Limited offers low-cost home loans with up to 30-year repayment durations, depending on the loan amount. Although there may be a processing fee of up to 0.50 % of the loan amount plus GST. For a range of objectives, including home building, home buying, land purchase, and home improvement, LIC home loan is accessible to salaried, self-employed, and pensioners. NRIs and retirees, on the other hand, can take advantage of LIC HFL’s low-interest housing loan schemes.

It is totally advisable to take a home loans from LIC as LIC home loans come with a number of benefits that you will not get anywhere else. LIC home loans can be a good option if you are willing to apply for a home loan. LIC being a public sector lender is safe to apply for a home loan and the home loans are also offered with an easy to apply process. 

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 loan are as follows:

  1. Rates of Interest- When applying for a large loan such as a home loan, the interest rate is an important factor to consider. After all, even a small reduction in your LIC home loan interest rate can save you a lot of money in total interest payments. LIC, as a public sector bank, provides house loans at lower interest rates than other public sector banks.
  2. Pre-Approved Loan Offers- LIC Housing Finance Limited provides pre-approved home loans to its customers, allowing them to receive rapid approvals on their mortgages. The borrower has immediate access to the funds with pre-approved loans. A consumer benefits the most from a pre-approved home loans offer because the funds are made accessible to the borrower immediately.
  3. Improve Your Credit Score- Applying for a house loan at LIC and receiving approval from your lender improves your overall credit profile. When you take out a long-term house loan with a lot of monthly installments and pay your EMI on time each month. It will reflect well on your credit profile and, over time, will raise your CIBIL score.
  4. Discounts for Women Borrowers- LIC HFL offers an additional discount on the LIC interest rate on home loans applications for female applicants. As compared to male applicants, the female applicants are offered a slightly lower rate of interest on the home loans applications. 
  5. Simple Process- Applying for a LIC home loans is a simple and hassle free process. You can also apply for a LIC HFL house loan online, which requires less documentation and is a faster process. You just need to visit the official LIC website and click on the apply for home loans button. 
  6. Additional Security- In addition to all of the above advantages that come with a LIC home loans, it also offers insurance-linked security. 
  7. Large Network- To provide better customer service, it has a lot of branches dispersed over the country. This simplifies the application process for a LIC house loan, as well as LIC’s ability to provide improved after-sales assistance. Therefore, it makes it easy for the borrowers to apply for a home loans by visiting their nearest LIC branch. 

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 of either buying a new house or renovating an existing one by taking out a home loan.

Read Also:- How To Increase Your CIBIL Score

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