LIC NRI Home Loan Scheme
Life insurance Corporation (LIC) of India is a government organization as well as a well reckoned name in insurance Industry. LIC offers an entire range of suitable insurance products that are specially designed with some exclusive features that meet the diversified requirements of policyholders. Now, it also offers some financial solutions, which can be availed at competitive rate of interest coupled with appealing loan scheme.
Traditionally, when it comes to NRI means non-resident Indian borrower, there are not so many options available in financial solution or let’s say home loan. As NRI applicant, one may face so many problems in finding a housing finance for him and may also have some extra restrictions on him or her. But, life insurance Corporation (LIC) of India has brought an ultimate and unique financial solution called as NRI Loan. With this special finance option, even an NRI candidate can avail a home loan for the purpose of purchasing a new house, repairing, renovating or extending the existing property anywhere in India.
As far as eligibility is concerned, if an individual has to apply for LIC NRI home loan, then, he or she must be at least 21 years of age and should have completed his graduation at least. An NRI applicant will be considered as an eligible person only if he or she has a valid Indian passport at the time of submitting the loan application. At the time of applying, a borrower must also have a valid work permit or job contract and also required to provide proof of a stable source of income.
Under this NRI home loan, the minimum loan amount an applicant can avail around Rs. 5, 00,000. Maximum tenure period for this loan ranges from 10 to 15 years. All self-employed NRI have to pay back their outstanding liability in a maximum period of 10 years and working NRI professionals must repay the loan in not more than 15 years.
Repayment of mode of this housing finance is to be done in the form of equated monthly installments or let’s say EMIs. With LIC NRI home loans, there is requirement of collateral or security, which can be an equitable mortgage of plot or flat or house or it can even be a demand a promissory note from the borrower.
At the time of applying for this specific housing finance,
upfront fee is payable by the applicants, which usually amounts to 1 percent of
the total sanctioned loan amount including the applicable service taxes.
