LIC Pension Calculator

LIC Pension Calculator

In the times of fashion and glamour, the old aged are more or less cornered, to say the least. Even when it comes to home loans, there aren't many takers for such groups, making their dream possession a dream only. But not so with LIC HFL Home Loan that aspires to convert home dreams into reality. Yes, LIC Housing Finance Limited (LIC HFL) has customized loan offers for people with 50 years and above and even those who have hanged their professional boots and receiving a monthly pension with LIC Pension Calculator. So, if you are one of those and seeking a home loan, stay glued to the article.

Purposes for Which Pensioners Can Get Home Loan

Pensioners can avail a home loan from LIC for purchase, extension and construction of a flat or house.

LIC HFL Home Loan Interest Rate

The home loan rates range from 8.45%-8.90% per annum. You must try to grab a deal of lower interest rates so as to ease the burden of EMI repayment and interest outgo. The tenets based on which you can strike an affordable rate deal include your income, repayment potential and credit score. The score, which normally remains in the range of 300-900, must be 750 and above to get the best rate deal.

Loan Repayment Term

Those with 50 years and above are required to pay off the loan in as much as 15 years or till the time they attain 70 years, whichever is earlier. Pensioners are required to do so before attaining 70 years of age.

LIC HFL Home Loan Calculator

The calculator does the job of computing the EMI in advance so that you can plan your finances accordingly. All that it needs is the loan amount, interest rate and the tenure to compute the EMI, which stands for equated monthly installment, for you. The calculator is all online for you to compute the installment payable each month until the loan is paid off in full.

Eligibility for Those 50 Years and Above

   These set of people must have a pension scheme after retirement to be eligible to apply.

Eligibility for Pensioners

Those earning a pension throughout can apply for a loan.

Terms & Conditions for Loans to 50 Years and Above

This group of people must submit a written undertaking that the entire loan must be paid off from the retirement benefits. If not, then at least 30% of the loan must get paid off from there and the remaining balance from the pension scheme.

Terms & Conditions for Loans to Pensioners

The loan scheme does not allow computation of scheme or any portion. Also, the loan must be backed by a guarantor as required by LIC HFL.

How Should You Apply?

You can apply from hoame or office by visiting the website of LIC HFL and click on 'Online Loan Application' and then on to 'Process Loan Application'. You need to answer some personal and professional queries before applying. LIC, on receiving the request, will send executives to check the property you are looking to buy. The executives will see the condition of the property before preparing a legal and technical report, which actually forms the basis of the loan amount that the housing finance company can give you.

For more details visit :
http://onlinelicpolicy.in/

 

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