Being a leading housing finance company, best known for providing secured housing options at an affordable price, there is no denying the fact that LIC HFL is a name you can reckon. Apart from giving you the funds to buy a regular home loan, the company also offers the funds to the professionals so that they can purchase and construct-clinics, nursing homes, diagnostic centers, office spaces, etc. So, let’s just move on further by letting you know more about this lender in the article below:
Interest Rates: Any loan journey begins with knowing the rates first. Make sure you have checked the rates being offered by the lender so that you can plan your monthly installments accordingly. Currently, this lender is offering the loan to the applicants at a rate that ranges between 8.60%-8.95% per annum. Talking about this range, being the lowest home loan interest rates which allows you to enjoy the pocket-friendly EMIs, hence reduces your loan burden.
Eligibility Criteria: At the time of availing a loan, it is important that you should also be aware of the norms. Talking about the norms, it would not be wrong to say that different lenders have different conditions and to enjoy the journey, you need to be aware of the same. Norms such as age, income, credit score, job stability, work experience, relationship with a lender, etc. are something that an applicant needs to meet so as to become eligible for the best home loans deal.
Documents Required: If you are someone who wants to enjoy a hassle-free journey, it is important that you should be aware of the documentation. Yes, talking more about the same, until and unless you don’t have a complete list of documents,it would be difficult for you to grab the best deal for LIC HFL home loan. Make sure that your documents should be complete and they should be error-free so that lenders cannot reject your loan application and you can get the lucrative deal in the future.
Credit Score: Your three-digit numeric summary is something which plays a crucial role in the process. Before offering you the credit, lenders do check the score so as to know whether you are worthy of it or not. If your score is good, it clearly shows, you have maintained a good history, which automatically helps you to fetch the best deal. A score of 650 or above out of 900 is considered to be fair enough to enjoy a hassle-free journey.
Equated Monthly Installments: Before you take that final decision, it is important that you should be aware of the equated monthly installments. Yes, knowing your EMIs in advance will actually help you to take a calculative decision. And, no other option is better to use the LIC home loan calculator for the same. Yes, this smart and magical device with its well-designed algorithms allows gives you the accurate results in the least time frame. This online tool soon after taking-loan amount, tenure and interest rate into account gives you the precise values within a few seconds.