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LIC with a new policy

Posted on May 16, 2013

The lenders in the market are joining the fixed-cum-floating interest bandwagon.
What is a fixed –cum-floating home loan?
Quite simply and usually such loans an individual pay a fixed rate of interest for the first few years (typically 2to5) and then the loan gets converted to a standard primate- rate linked floating rate loan.
LIC Housing Finance have launched fixed rate-cum-floating rate of interest for 2 years. The borrower pays a fixed rate of interest for the two years and floating rates thereafter based on the lending rates at that point of time
Fixed for 2 years cum Floating Rate of Interest
Amount of Loan
Rate of Interest
For Women
Processing Fee
Loan Less than Rs.75 lacs
10.25%
10.00%*
Up to 40L-Rs.5000, 40 to 75L Rs.10000 & 75L above Rs.15000
For Women Rs.5000
Loan Above Rs.75 lacs
10.75%
10.50%*
*Main Applicant should be women & Agreement first name should be of women.
Fixed Rate of Interest

Amount of Loan
Fixed for10years 
Processing Fee
Loan up to Rs.40 lacs
10.95%
Rs.10000
Rs.40 to Rs.100 lacs
11.20%
Rs.10000
Rs.100 to 150 lacs
11.50%
Rs.15000

Features:-
Tenor up to 25 years for more Eligibility
Simple Documentation with Doorstep service
No Prepayment Charges*
Balance Transfer + Top Up as same rate with 0% P.Fee*
Maximum Funding 85% (up to 20lacs) & 80% (above 20lacs) on Property Cost+ stamp Duty + Registration+ Parking+ MSEB+ Service Tax+ Vat.
Documents Required for Sanction Salaried:-
Application for completed with 2 photo duly filled in and signed
ID Proof: Pan Card & Last Qualification Proof
Residence Proof: Letter from Employer/ Bank statement containing address for last 6 month/ Latest Electricity bill/ Latest Telephone Bill.
Salary slip for last 3 months & latest form 16
Appointment Letter with Latest CTC & Confirmation Letter
Original Bank Statement of salary A/C for last 6 months updated.
Investment Proof & Repayment Track if any.
Processing Fees cheque
Offer Limited Period. * Terms & Condition apply.
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