LIC Home Loan Eligibility Calculator

The LIC home loan eligibility calculator is a digital financial planning tool. The calculator can specify the loan amount the lender will be willing to extend to a borrower at their current financial standing. LIC offers home loans for purchase, construction and other housing requirements. By entering simple income details in the LIC housing loan eligibility calculator, one can evaluate loan EMI estimates along with checking their eligibility.

LIC Home Loan Eligibility Calculator -  Key Features & Benefits

The LIC loan eligibility calculator prioritises easy usage and customer convenience. The calculator comes with the following features and benefits.

  • Categoric Results: LIC HFL eligibility calculator’s results are clearly divided into categories of loan amount, monthly EMI and property cost. Upon entering the necessary income details, one can instantly gain these estimates separately and distinctly.  
  • Detailed Amortisation Chart: The LIC housing loan eligibility calculator produces year-wise amortisation charts. These charts further divide the results into monthly principal, interest and EMI payments required every year. 
  • Intuitive Design: The calculator has a user-friendly interface where values can be easily entered. One can conveniently use the value sliders or fill in the fields on their own. The website’s pleasing colour scheme and smooth scrolling functionality add value to the user’s experience.
  • Mobile Application: LIC HFL Home Loans (HOMY)’ is LIC Housing Finance’s official mobile application. Using the app, you can swiftly access their loan eligibility calculator and related services on your smartphone. 
  • Time and Cost-Effective: With the help of the loan calculator, one can eliminate any extra costs on gaining advance repayment schedules. These calculators are not only available free of cost but also produce results with the click of a button. 
  • Hassle-Free Computation: With the bank’s housing loan eligibility calculator, there is no need to remember complex formulas or manually perform long calculations. Digital calculators can provide near-accurate results to minimise any hassle.

LIC Home Loan Eligibility Calculator - Usage Guide 

Urban Money provides the easy-to-use LIC home loan eligibility calculator in just a few clicks.

  • Visit www.urbanmoney.com
  • Select ‘Home Loan’ from the ‘Loans’ menu.
  • Select ‘LIC Housing Finance’ from the complete list of home loan providers. 
  • The website will direct you to the ‘LIC Housing Finance Home Loan’ page. 
  • Enter the required details and accept the T&Cs.
lic-home-loan-eligibility-calculator
  • Click on ‘Check Eligibility’.
  • Enter the OTP sent to your mobile number and get home loan estimates immediately.

The calculator also offers interest rates and loan tenure apart from the estimates based on your financial details. Users can click on ‘Apply Now' to fill in the loan application or select ‘View All Offers’ to check other offers.

idea_head_light-bulb_mind_icon Don't miss to Check: LIC Housing Finance Home Loan Interest Rate

LIC Home Loan Eligibility Criteria

LIC offers a variety of housing loan offers to cater to its wide customer base. LIC’s special offerings like the Griha Suvidha Home Loan aim to break away from conventional eligibility barriers. The housing finance corporation offers upto 90% of the property value for upto 30 years at competitive interest rates to eligible candidates.

LIC offers housing loans to the listed candidates. Each of these candidates can use the LIC loan eligibility calculator for free.

  • Self-employed individuals
  • Salaried individuals 
  • Salaries employees without pension
  • Pensioners and retired individuals
  • NRIs with valid passports

Factors Affecting LIC Home Loan Eligibility

While the LIC HFL eligibility calculator offers only quantitative estimates, here are some factors that affect a candidate’s eligibility:

  • Income: Regular and consistent income guarantees a borrower’s financial stability. Meeting the specified minimum income makes the lender confident of a borrower’s repayment capacity.
  • Work Experience: Significant amount of prior and current work experience lends great reliability to a borrower. Proofs of consistent employment help convey a borrower’s trustworthiness to the lender.
  • Age: Lenders ensure a candidate’s potential to settle the loan through their age. Most banks usually prefer young professionals while extending home loans. On the other hand, LIC also incorporates retired individuals and pensioners through loan offers specifically tailored for them.
  • Nature of Employment: LIC home loan terms like interest rates and CIBIL score requirements among others differ for salaried/professional and non-salaried/non-professional applicants.
  • Property Details: A lender aims to establish the genuineness of the concerned property by verifying its documents. The Lender also measures the property’s value against the applicant’s income to verify its affordability.
  • Residential and Citizenship Status: LIC extends home loans to Indian citizens. Anyone, resident or non-resident, can apply for a home loan as long as they possess Indian citizenship.

Ways to Improve Your LIC Home Loan Eligibility

To better your LIC loan eligibility calculator’s results, follow these simple steps:

  • Maintain good CIBIL scores to raise your credibility. A credit score of 700 or higher is generally considered to be a strong score. Repaying existing liabilities and improving credit utilisation can help improve one’s credit ratings.
  • Submitting updated and authentic documents can go a long way. This raises an applicant’s eligibility and expedites the loan approval process.
  • LIC swiftly sanctions loans to candidates whose loan requests align with their incomes.
  • Jointly applying for home loans with your spouse or any other co-borrower significantly increases the chances of getting the loan approved. It also helps divide the repayment burden among all the applicants.
  • Disclosing additional incomes like side earnings and rental incomes can put up a great display of financial strength and improve your loan eligibility.

Impact of Credit Scores on LIC Home Loan Eligibility

Credit score plays an important role in LIC loan eligibility checks. It reflects a candidate’s ability to repay the loan and helps gain the lender’s trust. There is a direct relationship between a candidate’s CIBIL score and their loan eligibility. The better the score, the more competitive the loan offer.

The credit ratings of a borrower drive the terms of a home loan. On its website, LIC has provided a comprehensive list of applicable interest rates for candidates ranging between CIBIL scores as low as 101 to as high as 750.

You can have a look at the LIC HFL interest rates corresponding to respective CIBIL scores.

CIBIL Score Interest Rate 
101-149 Upto 9.85%
150-200 Upto 9.60%
200-599 Upto 10.50%
600-699 Upto 10.00%
700-749 Upto 9.05%
750 or more Upto 8.80%

Eligibility Criteria of Different LIC Home Loan Products

LIC offers a variety of home loan products. The table below offers a quick LIC home loan eligibility check.

Loan Eligible Applicants
Home Renovation Loan/ Home Extension Loan/ Plot Loan/ Home Construction Loan/ Home Loan Balance Transfer
  • Salaried/ Professional individuals
  • Non-salaried/Non-professional individuals 
  • Sound CIBIL score
Griha Suvidha Home Loan
  • Applicants with cash-based salary
  • Applicants seeking extended loan term
  • Salaried employees with no pension 
Home Loan for Pensioners
  • Government employees and others drawing pensions from DBPS
  • Candidates must be upto 65 years of age.
Home Loan Top Up
  • Existing customers with no default history
  • New applicants transferring loans from other banks.
Home Loan NRI
  • Salaried/self-employed NRIs 
  • Candidates seeking loans for construction/ purchase and renovation purposes.

People Also Asked

How can I check my LIC home loan eligibility?

You can easily check your home loan eligibility using the LIC home loan eligibility calculator.

How will I know if I’ve met the eligibility criteria for LIC home loans?

You can use the LIC loan eligibility calculator to check if you are a suitable candidate for the loan. Further, you can separately check out the eligibility criteria for different types of home loans from the bank’s website.

How much LIC home loan amount am I eligible for?

You can check the amount you’re eligible for using the LIC housing loan eligibility calculator by simply entering your existing income and EMI details.

How can I increase my eligibility for a higher LIC home loan amount?

A loan seeker can easily increase their loan eligibility by improving their credit scores, maintaining a low debt-to-income ratio and jointly applying for home loans.  

Urban Money