• General
  • General
Home Loan For Pensioners

Eligible Applicants

  1. Retired from PSU insurers, PSUs, Nationalized Banks, Central Govt. & State Govt. and drawing pension under Defined Benefit Pension Schemes (DBPS) who are upto 65 years of age as per last birthday.
  2. Working with PSU Insurers, PSUs, Nationalized Banks, Central Govt. & State Govt. and eligible for pension under Defined Benefit Pension Scheme (DBPS)

Salient features

  • Spouse must be joint applicant irrespective of the ownership of the property.
  • Children can be co-applicant in the loan and their income can be added for allowing longer term and higher eligibility amount.
  • Maximum loan term upto the attainment of 80 years of age applicant drawing pension in case of joint applicant.
  • If income of younger applicant/s (son/daughter/spouse) is considered, then the maximum loan term up to 30 Years or till attainment of 80 years of the younger applicant whichever is earlier.

Additional Benefits

6 EMI Waiver offer

Purpose of Loan:  Purchase of ready built house/flat ready built where OC is obtained

EMI Waiver: Up to 6 EMIs waiver, 2 each at end of 3rd year, 6th year and 10th year of loan tenure subject to–

a. Borrower has default free track record.

b. There is no principal pre-payment during 3 years as provided above.

c. EMI waiver will be in the form of appropriation towards outstanding loan.

Other Condition: The loan purpose will be limited to purchase of house or flat which is ready to move in house or flat where OC is obtained. No repairs/renovation, takeover loans from other institutions, etc are allowed.

 

OR

 

Pay When You Stay Offer

Purpose of Loan: Purchase of house/flat under construction

Minimum Loan: Rs. 20 Lacs

Maximum Loan: Rs. 200 Lacs.

Loan beyond this amount also can be availed under separate loan account with EMI to commence immediately after first disbursement without any principal moratorium

Under this special scheme, borrower/s is/are allowed:

  • Payment of EMI (principal + interest) on possession of house / flat or after moratorium/ 48 months from the date of 1st disbursement, whichever is earlier. Interest is, however, to be paid by the borrower on the amount disbursed during this period.
  • However in no case, the Principal Moratorium period will exceed 20% (rounded off to nearest completed year) of the original sanction term (not exceeding 4 years).
  • hereafter, EMI will commence and fixed accordingly. The EMI will be fixed in such a manner that the loan will get liquidated within the original sanction term. (EMI commencement will be calculated on the balance term and rate of interest prevalent at that time)

Other Condition: The loan purpose will be limited to purchase of house or flat which is under construction. No repairs/renovation, takeover loans from other institutions, etc are allowed.

 

OR

 

2 EMI Waivers on Balance Transfer 

Purpose of Loan: Transfer of existing home loan from other financial institution.

Processing Fee: Nil on Home Loan Component

Under this special scheme, borrower/s is/are allowed:

2 EMI waiver at the end of the 5th year or during closure of the loan provided the customer has a default free record and has not made any pre-payment during the initial 5 years of the loan.

 

AND

 

Interest Subsidy:

Customers eligible under Pradhan Mantri Awas Yojana – CLSS can get subsidy upto Rs 2.67 lakh.

 

 Rate of Interest

Loan slab CIBIL Score ROI
(Salaried & Professional)
ROI
(Non-Salaried & Non Professional)
Up to Rs. 50 Lakhs CIBIL >= 700 6.90% 7.00%
CIBIL 650 – 699 7.10% 7.20%
CIBIL 600 - 649 7.30% 7.40%
CIBIL < 600 7.50% 7.60%
 
More than 50 Lakhs & Up to Rs. 1 Cr CIBIL >= 700 7.00% 7.10%
CIBIL 650 – 699 7.30% 7.40%
CIBIL 600 - 649 7.60% 7.70%
CIBIL < 600 7.70% 7.80%
 
More than 1 Cr & Up to Rs. 3 Crs CIBIL >= 700 7.10% 7.20%
CIBIL 650 – 699 7.40% 7.50%
CIBIL 600 - 649 7.70% 7.80%
CIBIL < 600 7.70% 7.80%
 
More than Rs. 3 Crs & upto Rs 15 Crs CIBIL >= 700 7.20% 7.30%
CIBIL 650 – 699 7.50% 7.60%
CIBIL 600 - 649 7.70% 7.80%
CIBIL < 600 7.80% 7.90%

Further for cases where CIBIL score is zero & less, Rate of Interest under above mentioned schemes will be as under:

 

Loan Slab Salaried & Professional Non-Salaried & Non Professional
Up to Rs. 50 Lakhs 7.40% 7.50%

Other Conditions:

  1. In case of joints applicants, CIBIL score of applicant having highest score will be considered.
  2. For cases where CIBIL score is Zero or less and loan amount is more than Rs 50 Lakhs & up to Rs 15 Crs, the ROI applicable will be as per the CIBIL score less than 600 in the respective categories.

All loans will be given at sole discretion of LIC Housing Finance. For additional terms and conditions contact nearest Area Office.

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