Dream Homes with LIC

Dream Homes with LIC

Buy Property in India - With a network of more than 100 offices in the country there is no reason why you will miss their friendly services and use for better profit during buy a property in India.

This is not all; LICHFL also has an overseas office in Dubai to cater to NRI demands. To be eligible for loan, you must be in permanent service or engaged in a profession or business. You should have a stable job a regular income. In fact the organization may be able to advance you a loan under their scheme if you want to:-

1. Construct buy property in India or a new House/ Flat.
2. Buy an existing house or flat not more than 35 years old.
3. Extend an existing House.
4. Renovation/ repairs to an existing House/ Flat.

The loan amount is determined on the basis of the repayment capacity of the applicant/s . Repayment capacity taken 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.100 lakhs per unit to any individual applicant. It can be extended upto 85% of the cost of property value (including Stamp duty and Registration charges.

It grants term upto a maximum of 20 years (maximum 10 year under Griha Shobha for NRIs and maximum 15 year under Griha Lakshmi). The term of loan under no circumstances exceed the age of retirement or completion of 70 years of age whichever is earlier.

The security for the loan is the first mortgage of property to be financed by way of deposit of the title deeds, subject to local laws. You will also be required to furnish one guarantee from a person of sound financial standing acceptable to LICHFL, preferably from government/ Public Sector and then see your dreams turn into reality.

Courtesy: HT Dtd. 29-03-07