LIC Life Insurance Corporation Home Loans in India
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LIC Life Insurance Corporation Home Loans in India

Published by: Pankaj (66)
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LIC means Life Insurance Corporation is itself a well reckoned name in the finance field and it is one of the most trusted distributors of financial solutions in India. As we all know, home loans can be used for buying a new home/flat or any other property for residential purposes. It can be a useful option when it comes to construction, refurbishment or renovation of existing property. Lic home loans are offered on the basis of long term and at lower interest rates. Following are the home loan schemes that are offered by LIC:

Griha Prakash: Under this scheme, minimum loan amount that can be sanctioned is Rs 1 lakh. And, loan amount can be upto 85%of the entire cost of the property. Tenure period can be of maximum 20 years and rate of interest may vary from company to company. Griha prakash loan scheme is for purchasing, constructing, amplification, restoration or for buying a land to construct a house.

Griha Lakshmi: This is another one of the best home loan plans offered by lic, which is strictly applicable to only Indian residents. It is offered at competitive rate of interests and its tenure period can be 15-20 years.

Griha Shobha: Griha Shobha is also a home loan scheme offered by lic that is suitable for the Indians who are settled in abroad. Minimum laon amount is offered under this scheme is upto Rs 5 lakh and tenure period can be from 10-15 years to repay the loans. This scheme includes all purposes like construction, purchase, renovation of the property.

Griha Sudhar: This is a kind of home loan scheme is specially made for the purpose of refurbishment and reconstruction of housing property. Under this scheme, applicant can borrow the maximum loan amount around Rs 10 lakhs. Rate of interest may vary from city to city.

Miscellaneous Services: These special services are made for the pensioners in order to meet their exact requirement according to their convenience. An individual who has attain the age of 50 years or more and receiving pension after retirement is eligible to apply for the loan.

Life Insurance Corporation (LIC) of India offers home loans at an attractive interest rate, which are not only affordable by the customers but are also easily repayable. The fixed rate of interest charged by the bank for a period of 0-20 years is 10.5% - 11.00% per annum. The floating rate of interest charged by the bank is 9.5% per annum.

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LIC - Life Insurance Corporation provides you Home Loan India visit LIC Home Loan

 

Source: http://articleswrap.com/article/lic-life-insurance-corporation-home-loans-in-india.html
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