LIC, or Life Insurance Corporation, offers attractive home loan schemes to help individuals fulfil the dream of buying a home. LIC Home Loan interest rates offered on these loans start from as low as 8.50% and depend on certain factors like loan amount, tenure and CIBIL score of the applicant.
This post covers the latest LIC Home Loan interest rates, types, application process and factors affecting these interest rates.
The table below highlights the important details of LIC Home Loans:
LIC Home Loan - Highlights
LIC Housing Loan Interest Rate
LIC Home Loan Amount
Rs.1 lakh - Rs.15 crore
Loan Tenure
Upto 30 years (for salaried)
Upto 25 years (for self-employed)
Processing Fees
Foreclosure Charges
Given below are the different home loan schemes offered by LIC Housing Finance and their respective interest rates 2024:
Types of LIC Home Loans
For Salaried
For Self-employed
LIC Griha Suvidha Home Loan
LIC Home Loan for Pensioners
LIC Home Renovation Loan
LIC Home Loan Top-up
LIC Home Extension Loan
LIC Home Loan for NRI
LIC Advantage Plus
Given below are the different types of home loans offered by LIC Housing Finance:
These home loans are available to candidates who get a portion of their pay in cash or who want longer loan terms due to approaching retirement age. This lending program is also available to self-employed individuals who want a longer loan term.
Maximum tenure: 30 years
Processing Fees:
This home loan scheme is eligible for State government employees and individuals who are drawing pension under Defined Benefit Pension Schemes (DBPS) and are up to 65 years of age.
The interest rate for this scheme starts from 8.50% p.a. It provides the benefits of EMI exemptions for retirees, Central/State government employees, and PSU personnel who are eligible for the Defined Benefit Pension Scheme.
LIC Home Renovation or Construction Loan can be availed for home construction purposes. The interest rate starts from 8.50% p.a., with a maximum repayment period of 30 years for salaried employees and 25 years for self-employed.
This is an additional loan on an existing home loan for both new and current borrowers. New borrowers can get a top-up when they transfer their existing home loan to LIC Housing Finance. The LIC home loan interest rates on top-up loans start from 9.70%.
The interest rates for LIC Home Extension Loan start from 8.50% per annum. The maximum tenure allowed for this scheme is 30 years.
This loan scheme can be availed by the NRIs for the construction or purchase of a home in India. They can also transfer their existing home loan balance from other banks or NBFCs to LIC Housing Finance under this scheme.
This type of loan can be availed for purchasing a residential plot from a government body/development authority/approved entities. The maximum loan amount that can be availed is 75% of the property value, and the maximum loan term is 15 years.
Customers can switch their existing home loan to LIC Housing Finance with the help of LIC Advantage Plus to avail of several benefits such as lower interest rates, EMI waiver and zero foreclosure charges.
The interest rates on LIC Home Loans might vary depending on the applicant’s CIBIL score. Therefore, one must keep a record of a good CIBIL score to get a low interest rate on their loan amount.
The table below shows the home loan interest rates offered by LIC Housing Finance Limited based on the CIBIL scores:
LIC Home Loan Interest Rates for Salaried Individuals (Based on CIBIL Score)
CIBIL Score
Loan Amount Upto 2 crores
Loan Amount > 2 crores < 15 crores