LIC home loan repayment online offers flexible options for borrowers, making it easier to manage your financial commitment. Various online repayment methods are available, allowing for convenient and timely payments. Whether you choose online or offline modes, selecting the right option ensures a smooth home loan repayment process.
How to Repay LIC Home Loan Online
Time needed: 2 minutes
Repaying your LIC Home Loan online is a simple and convenient process. Here’s a quick guide to help you:
- Visit the Online Portal
Visit the LIC HFL Customer Portal.
- Log In or Register
Enter your username and password. If you’re a new user, select ‘New User‘ to register.
- Add Loan Account
Navigate to ‘Manage Loans‘ > ‘Add Loan‘. Input your Loan Account Number, Sanction Amount, and Date of Birth of the primary applicant.
- Initiate Payment
Once your loan is linked, select ‘Loan Account‘, then ‘Get Dues‘ to view outstanding amounts.
- Make the Payment
Choose your preferred payment method and follow the on-screen instructions to finalize the payment.
For a detailed walkthrough, refer to the LIC HFL.
Suggested Read: LIC Home Loan Statement Download

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LIC Home Loan Repayment Options
Explore the different LIC Home Loan repayment options designed to suit various financial needs. Select the best method for a smooth and flexible loan repayment experience.
Partial Pre-payment Option
Partial prepayment of your LIC Home Loan allows you to repay a portion of the outstanding principal before the end of the loan tenure, thereby reducing the overall interest burden and potentially shortening the loan duration.
- Reduced Interest Liability: By lowering the principal amount, partial prepayments decrease the total interest payable over the loan period.
- Flexible Prepayment Terms: LIC Housing Finance Ltd. permits borrowers to make lump-sum payments towards their loan principal at any time during the loan tenure.
- No Prepayment Penalties: For floating-rate home loans availed by individuals, LIC HFL does not levy any prepayment charges, making it cost-effective to reduce your loan burden ahead of schedule.
- Convenient Online Prepayment: Borrowers can utilize the LIC HFL Customer Portal to make partial prepayments online, ensuring a hassle-free experience.
For detailed terms and conditions regarding partial prepayments, please refer to the LIC HFL Policies & Codes.
Foreclosure Option
Foreclosing your LIC Home Loan involves repaying the entire outstanding loan amount before the scheduled tenure ends, effectively closing the loan account.
- Complete Loan Repayment: Settle the full outstanding principal and accrued interest to close the loan ahead of schedule.
- No Foreclosure Charges: For floating-rate home loans taken by individuals, LIC Housing Finance Ltd. (LIC HFL) does not levy any foreclosure penalties, making early closure cost-effective.
- Document Retrieval Process: After the loan is fully repaid, LIC HFL will notify you to schedule an appointment for collecting your original property documents. All property owners must be present with valid identification for document collection.
- Online Foreclosure Services: Utilize the LIC HFL Customer Portal to manage your loan account, check outstanding balances, and initiate the foreclosure process.
For detailed information on loan foreclosure procedures, visit the LIC HFL Loan Closure Information page.
Online Home Loan Repayment Options
LIC Housing Finance Limited (LIC HFL) offers several convenient options for repaying your home loan:
- Customer Portal: Access your loan account, view repayment schedules, and make payments through the LIC HFL Customer Portal.
- Online Payment Gateway: Make missed EMI payments securely via the online payment gateway available on the customer portal.
- Net Banking: Utilize your bank’s net banking facility to pay EMIs directly to LIC HFL.
- Mobile Application: Manage your loan and make payments on-the-go using LIC HFL’s mobile app, HOMY.
- Third-Party Platforms: Some authorized platforms, such as Bajaj Finserv, allow loan repayments using debit/credit cards, UPI, net banking, and wallets.
These options provide flexibility and convenience, ensuring timely and secure repayments for your LIC home loan.
Suggested Read: LIC Home Loan Balance Transfer
LIC Home Loan Repayment Offline Methods
LIC Housing Finance offers multiple offline repayment options for home loan borrowers who prefer traditional payment methods. These methods ensure ease of payment without relying on online services.
- Cheque or Demand Draft: Submit post-dated cheques (PDCs) or a demand draft (DD) at LIC Housing Finance branches.
- Auto-Debit via NACH/ECS: Set up auto-debit instructions with your bank to ensure timely EMI payments.
- LIC Branch Payment: Visit the nearest LIC HFL branch to make payments in cash or via cheque.
- Direct Bank Transfer: Transfer loan repayment amounts directly through your bank by visiting a branch.
- Authorized Collection Centers: Some authorized centers accept LIC HFL home loan payments in select locations.
For detailed information, visit the LIC Housing Finance official website.
Benefits of LIC Home Loan Online Repayment
LIC Home Loan repayment offers flexible options that help borrowers manage their finances efficiently.
- Multiple Repayment Modes – Pay online via net banking, UPI, or offline through branches.
- Flexible Tenure – Choose a repayment period that suits your financial goals.
- Prepayment & Foreclosure Benefits – Reduce loan burden with partial or full prepayment.
- Auto-Debit Facility – Hassle-free EMI deductions directly from your bank account.
- Reduced Interest Outgo – Make lump-sum payments to lower total interest costs.
- 24/7 Online Access – Track payments, download statements, and manage your loan conveniently.
Suggested Read: LIC Home Loan Customer Care
LIC Home Loan Repayment Charges
Explore the different LIC Home Loan repayment charges applicable in 2025. Understanding these charges helps in effective loan management and ensures a smooth repayment experience.
Charge Type | Details | Applicable Fees |
---|---|---|
Prepayment or Foreclosure Charges (Floating Rate) | No charges if repaid from own sources. | Nil |
Prepayment or Foreclosure Charges (Fixed Rate) | Applicable for fixed-rate loans. | ~2% of outstanding principal |
Late Payment Charges | Additional interest on overdue amounts. | ~2% above the applicable rate |
Cheque Bounce Charges | Fee for dishonored cheque or failed auto-debit. | Cheque bounce charges Rs 350/- |
Statement of Account/Amortization Schedule | Physical copies may have a charge. | Minimal fee |
Loan Account Statement | Free online access; charges for physical copies. | Nominal fee |
Note: Charges are subject to change. Visit the LIC HFL official website for the latest details.
Read More: LIC Home Loan Prepayment Charges
LIC Home Loan Prepayment Calculator
Check Out: LIC Home Loan Prepayment Calculator
Case Study on LIC Home Loan Repayment
Example Scenario:
Mr. Anil, a self-employed professional, took a home loan of ₹40 lakhs from LIC for a 15-year tenure at an interest rate of 8.25%. His initial EMI was ₹38,000.
Scenario | EMI Amount | Tenure | Total Repayment | Savings |
---|---|---|---|---|
Standard EMI Repayment | ₹38,000 | 15 years | ₹68,40,000 | – |
With Prepayment of ₹5 Lakh | – ₹38,000 (first 5 years), – ₹34,000 (next 10 years) | 15 years | ₹63,60,000 | ₹4,80,000 |
By making a ₹5 lakh prepayment, Mr. Anil saved ₹4,80,000 in total repayment over the loan tenure.
Factors to Consider When Choosing a Home Loan Repayment Options
Choosing the right home loan repayment plan is crucial for effective financial management. Consider the following factors:
- Income and Expenses: Assess your monthly income and expenses to determine an affordable repayment amount.
- Loan Tenure: Decide between shorter tenures with higher EMIs or longer tenures with lower EMIs, balancing interest costs and monthly obligations.
- Interest Rates: Compare fixed and variable interest rates to choose one that aligns with your financial goals and risk tolerance.
- Financial Goals: Ensure your repayment plan complements your long-term financial objectives, such as savings or investments.
- Risk Tolerance: Evaluate your comfort with potential interest rate fluctuations, especially with variable rate loans.
- Prepayment and Foreclosure Charges: Check for any penalties associated with early loan repayment or foreclosure.
- Credit Score: Maintain a good credit score to access favorable interest rates and loan terms.
- Loan Type: Understand the specific terms and conditions of the loan product you choose.
- Age and Retirement Plans: Align your loan tenure with your retirement plans to ensure debt-free retirement.
- Serviceability: Ensure the loan repayments fit within your budget without causing financial strain.
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Is it Good to Prepay your Home Loan or Invest?
Deciding between prepaying a home loan or investing depends on factors like interest rates, financial goals, and market returns for better wealth management.
Factor | Prepay Home Loan | Investment |
---|---|---|
Interest Rate Impact | Saves on interest payments if the loan rate is high | Potential to earn higher returns if investment yields exceed loan interest |
Tax Benefits | May reduce tax deductions on home loan interest | Investments like ELSS & PPF offer tax benefits |
Financial Stability | Reduces debt burden and provides peace of mind | Keeps funds liquid and available for emergencies |
Loan Tenure | More beneficial in the early years of the loan | Long-term investments can generate wealth |
Market Conditions | No impact from market fluctuations | Investment returns depend on market performance |
Liquidity | Locked funds in a non-liquid asset | Funds remain accessible for future needs |
Unsure about prepaying your home loan? Try our Investment vs Prepayment Calculator to find out!
Read More: Home Loan Prepayment vs. Investing
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Conclusion
LIC Housing Finance offers flexible repayment options to suit different financial needs, allowing borrowers to reduce interest costs through prepayment or alternative payment methods. Reviewing your financial goals and consulting LIC HFL can help in making the best repayment choice.
For personalized solutions and guidance, contact Credit Dharma today!
Frequently Asked Questions
Yes, you can prepay your LIC home loan online via the LIC Housing Finance website or net banking. Check for any applicable charges before proceeding.
Yes, you can close your LIC home loan early by making a full prepayment. Check for foreclosure charges and complete the process through LIC HFL branches or online.
Yes, you can pay your LIC home loan repayment online through the LIC HFL website, net banking, mobile banking, or authorized payment gateways for convenience.
To clear your LIC housing loan, you can pay the outstanding amount through online banking, branch payment, or prepayment options. Ensure all dues are settled and collect a loan closure certificate from LIC HFL.
– Login to LIC HFL portal.
– Select Loan and choose prepayment.
– Enter Amount and check charges.
– Make Payment via Net Banking, UPI, or Debit Card.
– Save Receipt for confirmation.
– For Offline visit the LIC HFL nearest branch.
Yes, LIC Home Loan allows prepayment. You can prepay your loan online via the LIC HFL portal or offline by visiting a branch. Prepayment charges may apply.