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Home > Home Loan > LIC Home Loan > LIC Home Loan Eligibility Checklist | Updated 2025

LIC Home Loan Eligibility Checklist | Updated 2025

March 3, 2025
Table of Contents

Knowing LIC home loan eligibility is essential before applying for a loan. Factors like age, income, credit score, and employment type determine approval chances. Meeting the required criteria increases the likelihood of securing a home loan with favorable terms.

LIC Home Loan Eligibility Criteria

Here’s a straightforward guide to the general eligibility requirements, factors affecting eligibility, and a checklist to help you prepare your application:

General Eligibility Criteria

CriteriaDetails
AgeMinimum: 18 years, Maximum: 75 years
Type of EmploymentSalaried individuals, Self-employed professionals, Self-employed non-professionals
NationalityIndian citizens and Non-Resident Indians (NRIs)
CIBIL ScoreMinimum score of 600
IncomeMinimum monthly income of ₹25,000
Loan TenureUp to 30 years
Maximum Loan AmountFrom ₹1 lakh up to ₹15 crores, based on eligibility

Check Out: Home Loan Eligibility – Salaried vs Self-Employed

Factors Affecting Eligibility

CriteriaRequirements
Credit ScoreA good credit history is essential for loan approval.
Income StabilityStable income for at least 2 years is preferred. Applicants who are newly employed should apply after 6 months.
Debt-to-Income RatioTotal monthly debt payments should not exceed 50% of net income.
Employment StatusBeing employed in recognised firms or government sectors is advantageous.
Property DocumentationAll legal property documents must be submitted. Issues with property legality can lead to application rejection.

Check Out: LIC Housing Finance Home Loan Eligibility Calculator

Detailed Checklist for Eligibility

Personal Information:

  • Complete and sign the LIC HFL loan application.
  • Include two recent passport-sized photographs.
  • Provide valid identification such as a PAN, Aadhaar, Passport, or Voter ID.
  • Submit proof of current residence like recent utility bills or a rent agreement.

Income Proof

For Salaried Applicants:
  • Attach the last 3 months’ salary slips.
  • Include employment verification, such as a job ID card or an appointment letter.
For Self-Employed Applicants:
  • Provide proof of business existence and the business address.
  • Submit the last 3 years’ income tax returns with computation.
  • Attach profit and loss accounts for the last 3 years, certified by a certified accountant.

Property Documents

  • Provide a copy of the property registration or sale deed.
  • Submit the approved plan or layout of the property.
  • Attach recent property tax receipts.

Additional Points to Note

  • Check all personal details for accuracy to prevent application rejection.
  • Applying with a co-applicant like a spouse can improve eligibility due to combined income and creditworthiness.

Suggested Read: LIC Housing Finance Statement Download

Eligibility Criteria For All LIC Loan Products

Understanding the eligibility criteria for LIC Housing Finance Limited (LIC HFL) home loans is crucial for potential borrowers. Here is a simplified overview of the requirements for various LIC home loan products.

Loan Program & Eligibility Criteria

LIC Loan ProductEligibility Criteria
LIC HFL Standard Home Loan21 – 70 years
LIC HFL Griha VarishthaSpecifically for pensioners with a maximum age limit of 70 years at loan maturity
No maximum age limit for pensioners with a family pension
LIC HFL Griha SuvidhaSpecially designed for low-income groups, considering government subsidy eligibility under PMAY
LIC HFL NRI Home LoanNon-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) with a valid Indian passport
Minimum employment period of 2 years overseas
LIC HFL Home Improvement LoanOwnership of the residential property in the applicant’s name with a clear and marketable title

**Note: This table is a general guide. Always check LIC HFL’s official website or contact them directly for the most current and detailed eligibility information.**

Suggested Read: How to Increase Your Property Value

How to Calculate LIC Home Loan Eligibility?

Wondering how to figure out if you qualify for an LIC Home Loan? You can easily check your eligibility using the Credit Dharma Calculator. Here’s how to use it effectively:

Factors Impacting Eligibility for LIC Home Loans

When considering an LIC Home Loan, several criteria play a crucial role in determining whether you qualify. Here are the key factors:

  • Applicant’s Age: Your age at the time of application and at the end of the loan term influences eligibility.
  • Credit Score: A higher credit score can improve your chances of approval, reflecting your creditworthiness.
  • Income Level: Your income determines your ability to repay the loan. Higher income may enhance loan amount eligibility.
  • Debt-to-Income Ratio: This ratio measures your total monthly debts against your income. A lower ratio favors loan approval.
  • Property Value: The loan amount often depends on the appraisal value of the property you intend to buy.
  • Repayment Capacity: Lenders assess your financial stability and other obligations to determine your repayment capacity.
  • Property Type and Location: The type of property and its location can affect loan approval, as some areas might be considered higher risk than others.

Read More: How to Get a Home Loan Without All Property Documents?

What is the Minimum Credit Score Required for an LIC Home Loan?

For obtaining a home loan from LIC Housing Finance, there is no explicitly stated minimum credit score. However, having a CIBIL score above 700 is generally favorable for securing a home loan with competitive interest rates. Applicants with scores below this threshold may still qualify but might face higher interest rates. Therefore, while LIC Housing Finance does cater to those new to credit, a stronger credit score usually translates into better loan terms​.

How to Improve LIC Home Loan Eligibility?

Improving your eligibility for an LIC Home Loan involves several strategic steps that can enhance your chances of approval and potentially secure better loan terms:

  1. Improve Credit Score: Pay bills on time, reduce debts, and avoid new credit inquiries.
  2. Increase Income: Consider career growth, part-time work, or additional income sources.
  3. Lower Debt-to-Income Ratio: Pay off existing debts to free up disposable income.
  4. Opt for Longer Tenure: Reduce monthly payments by extending the loan period.
  5. Add a Co-Applicant: Boost eligibility by including a financially strong co-applicant.
  6. Make a Larger Down Payment: Lower loan amount to improve approval chances.

Read More: How to Improve Your CIBIL Score?

Get the Best LIC Home Loan Offers with Credit Dharma

Credit Dharma is your trusted partner for securing the best LIC Home Loan offers, with over ₹500 Cr+ loans handled and partnerships with 20+ leading banks. We provide exclusive access to the lowest interest rates and a seamless, digital process with fast approvals in just 1-2 weeks, backed by lifetime support from our home loan experts.

Why choose Credit Dharma? We provide:

  • Lowest Interest Rates: Save more with every EMI.
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  • Simple & Digital Process: No tedious paperwork or branch visits.
  • Expert Guidance: Lifetime support from our team of specialists.

Compare, choose, and secure the best LIC Home Loan offer with Credit Dharma — your home loan journey starts here!

Conclusion

Understanding LIC home loan eligibility helps applicants prepare a strong application with the right documents and financial stability. Meeting the age, income, and credit score criteria increases the chances of loan approval. Self-employed individuals should ensure business stability and proper income proof to qualify.

Frequently Asked Questions

1. How can I check my LIC home loan eligibility?

To qualify, you need a monthly income of at least ₹25,000 and a minimum of two years of work experience. A credit score of 600 or higher is required. Both Indian residents and NRIs can apply for a home loan.

2. What is the salary requirement for an LIC home loan?

A single borrower needs a minimum monthly income of ₹30,000, while joint applicants require ₹40,000. The loan term can extend beyond retirement if repayment is completed within ten years after retirement, depending on the borrower’s financial stability.

3. What documents are needed for a LIC home loan?

Applicants need identity proof (Aadhaar, PAN, or passport), address proof, income proof (salary slips or ITR for self-employed), bank statements, and property-related documents. Additional documents may be required based on the applicant’s profile and loan type.

4. Does taking an LIC loan impact the CIBIL score?

LIC loans are based on the surrender value of the policy, so your credit score does not affect loan approval.

5. What are the drawbacks of LIC Housing Finance?

LIC Housing Finance may have longer processing times than private banks, leading to delays in loan disbursement. While online services have improved, they may not be as advanced as those offered by some private lenders.

6. What are the eligibility criteria for LIC HFL?

To apply for LIC HFL, candidates must be 21 to 28 years old as of July 1, 2024. A bachelor’s degree with at least 60% marks from a recognised university is required. The selection process includes an online exam and an interview.

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