Skip to main content

LIC Housing Finance

 

LIC Housing Finance

LIC Housing Finance Ltd. promoted by Life Insurance Corporation of India, is one of the largest Housing Finance Company in India. LIC housing Finance is regulated by National Housing bank.

LIC Housing Finance is mainly engaged in the business of providing long term housing loans to individuals for purchase or construction or repair and renovation of new / existing residential properties. LIC Housing Finance also provides loan against existing properties for business or personal needs and for professionals for purchase or construction of nursing home, clinics, diagnostic centers, office space, etc.LIC Housing finance also provides financial assistance to builders and developers. 

One of the most popular product of LIC Housing Finance is "Griha Prakash", which is designed for individuals to provide finance for purchase or construction or repair and renovation of new / existing residential properties.

LIC Housing Finance offers maximum loan amount of 85% for property costing below Rs. 20 lakhs and 80% for above Rs. 20 lakhs. This amount includes stamp duty and registration charges. This loan amount can be repaid by way of Equated Monthly Installment (EMI) within tenure of 240 months i.e. 20 years.

Other products of LIC Housing Finance are:-

"Griha Vikas" is a home equity product where loan is provided by LIC Housing Finance against mortgage of residential or commercial property for purpose of any personal needs for child education, child marriage, foreign travel or financial needs for business. 

The minimum loan amount an individual can borrow under this scheme is Rs. 2 lakhs and has to be repaid by way of Equated Monthly Installment (EMI) within a period of 15 years.

To avail "Griha Vikas" the age of the property to be mortgaged should not be more than 35 years.

"Apna Office -1" is a loan from LIC Housing Finance to professional for purchase, repairs and renovation of commercial property to carry out professional activities and also to buy equipments. The minimum loan amount to be borrowed under this scheme is Rs. 5 lacs and can be repaid within a period of 10 years.

"Reverse Mortgage Loan" for senior citizens who can borrow against their existing self-acquired and self-owned property. 

The loan is provided by LIC Housing Finance through monthly / quarterly / half-yearly / annual disbursements or a lump-sum or as a committed line of credit or as a combination of the two. The maximum tenure of the loan is 15 years. The borrower can continue to stay in the residential property as long as his is alive and after him, his spouse can stay till her/his death. You can even prepay the loan, whenever you feel so during the tenure without any prepayment charges. 

The only pre-condition is the borrower should be the owner of a self-acquired and self-occupied house or flat located in India, with clear title indicating the ownership of the property. The residential property should be free from any encumbrances and the residual life of the property should be at least 20 years. 

LIC housing finance charges a processing fee of 1% of loan amount for all the loans

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. IDFC Tax Advantage (ELSS) Fund

4. ICICI Prudential Long Term Equity Fund

5. Religare Tax Plan

6. Franklin India TaxShield

7. DSP BlackRock Tax Saver Fund

8. Birla Sun Life Tax Relief 96

9. Reliance Tax Saver (ELSS) Fund

10. HDFC TaxSaver

Invest Rs 1,50,000 and Save Tax under Section 80C. Get Good Returns by Investing in ELSS Mutual Funds Online

Invest in Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

Popular posts from this blog

National Savings Certificate

National Savings Certificate Here's everything you need to know about the 5-year savings scheme offered by the Government This is a 5-year small savings scheme of the government. From 1 July 2016, a National Savings Certificate (NSC) can be held in the electronic mode too. Physical pre-printed NSC certificates have been discontinued and replaced with Public Provident Fund-like passbooks. What's on offer The minimum amount you can invest in them is Rs100 and there is no upper limit. Under this scheme, all deposits up to Rs1.5 lakh qualify for deduction under section 80C of the Income-tax Act, 1961. The interest earned is taxable. You can invest in multiples of Rs 100. These certificates can be owned individually, jointly and also on behalf of minors. The interest rates for all small savings schemes are released on a quarterly basis. The effective rate for NSC from 1 October to 31 December is 8%. The interest is calculated on an annual compounding basis and is given along w...
Read more

Am you Required to E-file Tax Return?

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Am I Required to 'E-file' My Return? Yes, under the law you are required to e-file your return if your income for the year is Rs. 500,000 or more. Even if you are not required to e-file your return, it is advisable to do so for the following benefits: i) E-filing is environment friendly. ii) E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns. iii) E-returns are processed faster than the paper returns. iv) E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file. v) E-returns can be accessed anytime from the tax department's e-filing portal. For further information contact Prajna Capit...
Read more

Different types of Mutual Funds

You may not be comfortable investing in the stock market. It might not seem like your cup of tea. But you can start by investing in Mutual Funds. Many first-time investors invest in Mutual Funds. This is because they do not know how to invest in individual securities. Basic information on Mutual Funds People invest their money in stocks, bonds, and other securities through Mutual Funds. Each Fund has different schemes with specific objectives. Professional Fund Managers look after these schemes. Your Fund Manager could help you invest in a scheme that suits your financial goal. Functioning of Mutual Funds You could make money through Mutual Funds in different ways. A single Mutual Fund could hold many different stocks, bonds, and debentures. This minimizes the risk by spreading out your investment. You could earn dividends from stocks and interest from bonds. You could also earn capital by selling securities when their price increases. Usually, you could choose to sell your share any t...
Read more

Mutual Fund Review: HDFC Index Sensex Plus

  In terms of size, HDFC Index Sensex Plus may be one of the smallest offerings from the HDFC stable. But that has not dampened its show, which has beaten the Sensex by a mile in overall returns   HDFC Index Sensex Plus is a passively managed diversified equity scheme with Sensex as its benchmark index. The fund also invests a small proportion of its equity portfolio in non-Sensex scrips. The scheme cannot boast of an impressive size and is one of the smallest in the HDFC basket with assets under management (AUM) of less than 60 crore. PERFORMANCE: Being passively managed and portfolio aligned to that of the benchmark, the performance of the index fund is expected to follow that of the benchmark and in this respect, it has not disappointed investors. Since its launch in July 2002, the fund has outperformed Sensex in overall returns by good margins.    While every 1,000 invested in HDFC Index Sensex Plus in July 2002 is worth 6,130 now, a similar amount invested in Sensex then wo...
Read more

IDFC - Long term infrastructure bonds - Tranche 2

IDFC - Long term infrastructure bonds What are infrastructure bonds? In 2010, the government introduced a new section 80CCF under the Income Tax Act, 1961 (" Income Tax Act ") to provide for income tax deductions for subscription to long-term infrastructure bonds and pursuant to that the Central Board of Direct Taxes passed Notification No. 48/2010/F.No.149/84/2010-SO(TPL) dated July 9, 2010. These long term infrastructure bonds offer an additional window of tax deduction of investments up to Rs. 20,000 for the financial year 2010-11. This deduction is over and above the Rs 1 lakh deduction available under sections 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act. Infrastructure bonds help in intermediating the retail investor's savings into infrastructure sector directly. Long term infrastructure Bonds by IDFC IDFC issued an earlier tranche of these long term infrastructure bonds on November 12, 2010. This is the second public issue of long-te...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now