LIC Housing Finance Home Loan Eligibility Calculator

Planning to buy your dream home? Use our easy-to-use calculator to instantly check how much home loan you’re eligible for.

LIC Housing Finance offers competitive interest rates starting from 8.50% p.a., flexible repayment options, and quick loan processing to help make your homeownership dreams come true.

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LIC Home Loan Eligibility Criteria

LIC Home Loan eligibility criteria are designed to assess your financial stability, income, credit score, and other factors to determine your loan approval.

Criteria	Details
Age	21 to 70 years
Employment Type	Salaried, Self-Employed
Nationality	Indian/ NRIs/ PIOs/ OCIs
Credit Score	700+
Work Experience	Stable work history/ business track record

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LIC Home Loan Eligibility Based on Salary

LIC Home Loan eligibility is primarily influenced by the applicant’s salary, which determines their capacity to repay the loan. Here are the key points regarding eligibility based on salary:

1. Minimum Salary Requirement:

• The minimum monthly income required for salaried individuals is ₹25,000. For self-employed individuals, the minimum annual income should also be around ₹25,000.

1. Age Limit:

• Applicants must be between 21 to 70 years of age to qualify for a home loan from LIC Housing Finance.

1. Income Assessment:

• The eligibility is assessed based on the net monthly income, which is calculated after deducting mandatory expenses such as Provident Fund (PF), Employee State Insurance (ESI), and taxes.
  
• LIC considers the Fixed Obligation Income Ratio (FOIR), which should not exceed 65% of the total income. This means that at least 35% of the salary should remain available for EMI payments.

1. Loan Amount Based on Salary:

• The amount of loan one can avail is also dependent on their salary. For example:
  • A monthly income of ₹25,000 may qualify for a loan up to approximately ₹18.64 lakh.
    
  • Higher incomes lead to higher eligibility; for instance, an income of ₹50,000 could allow for a loan of about ₹37.28 lakh.

1. Credit Score Consideration:

• A good credit score (generally above 750) enhances the chances of loan approval and can influence the interest rates offered.

1. Employment Stability:

• Lenders favor applicants with stable employment histories; salaried individuals typically have an advantage due to predictable income streams.

In summary, LIC Home Loan eligibility is closely tied to an applicant’s salary, age, credit score, and overall financial stability, ensuring that borrowers can comfortably manage their repayment obligations.

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LIC Home Loan Eligibility Based on Age

Applying for LIC home loan early ensures that you can get a longer repayment tenure, lowering your EMI and helping you manage your finances better.

Applicant Age	Maximum Eligible Tenure
21 – 35 years	30 years
36 years	29 years
37 years	28 years
38 years	27 years
39 years	26 years
40 years	25 years
41 years	24 years
42 years	23 years
43 years	22 years
44 years	21 years
45 years	20 years

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LIC Home Loan Eligibility Based on Property Value

LIC home loan eligibility is not only determined by the applicant’s income but also by the value of the property being purchased. The bank evaluates the property’s market value to ensure that it serves as adequate collateral for the loan.

Property Value	LTV Ratio
Up to Rs.30 lakh	90% of the property cost
From Rs.30 lakh to Rs.75 lakh	80% of the property cost
Above Rs.75 lakh	75% of the property cost

Calculate your ideal property price with our online home affordability calculator.

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LIC Home Loan Eligibility Based on Credit Score

A strong credit score is essential for securing LIC home loan, as it reflects your creditworthiness and repayment reliability.

Rating	Credit Score
Good	750 and above
Average	600 – 750
Poor	Below 600

LIC Home Loan Interest Rates Based on Credit Score

LIC offers home loans at lower interest rates to borrowers with a high Credit Score. Here’s a detailed list to help you with your eligibility calculations:

CIBIL Score	Home Purchase Loan	Griha Suvidha Home Loan	Home Loan for Pensioners	Home Renovation Loan	Home Extension Loan	Plot Loan	Home Construction Loan	Home Loan for NRI	Home Loan Balance Transfer	Advantage Plus
>= 800	8.50% p.a. – 8.75% p.a.	8.75% p.a. onwards	8.50% p.a. – 8.75% p.a.	–	–	8.70% p.a. – 8.95% p.a.	–	–	–	8.50% p.a. – 8.75% p.a.
775 – 799	8.60% p.a. – 8.75% p.a.	8.85% p.a. – 9.00% p.a.	8.60% p.a. – 8.75% p.a.	–	–	8.80% p.a. – 8.95% p.a.	–	–	–	–
750 – 774	8.65% p.a. – 8.80% p.a.	8.90% p.a. – 9.05% p.a.	8.65% p.a. – 8.80% p.a.	8.65% p.a. – 8.80% p.a.	8.65% p.a. – 8.80% p.a.	8.85% p.a. – 9.00% p.a.	8.65% p.a. – 8.80% p.a.	8.65% p.a. – 8.80% p.a.	8.65% p.a. – 8.80% p.a.	8.65% p.a. – 8.80% p.a.
725 – 749	–	9.05% p.a. – 9.20% p.a.	–	–	–	9.00% p.a. – 9.15% p.a.	–	–	–	–
700 – 724	8.90% p.a. – 9.05% p.a.	9.15% p.a. – 9.30% p.a.	8.90% p.a. – 9.05% p.a.	8.90% p.a. – 9.05% p.a.	8.90% p.a. – 9.05% p.a.	9.10% p.a. – 9.25% p.a.	8.90% p.a. – 9.05% p.a.	8.90% p.a. – 9.05% p.a.	8.90% p.a. – 9.05% p.a.	8.90% p.a. – 9.05% p.a.
600 – 699	9.55% p.a. – 9.90% p.a.	9.80% p.a. – 10.15% p.a.	9.55% p.a. – 9.90% p.a.	9.55% p.a. – 9.90% p.a.	9.55% p.a. – 9.90% p.a.	9.75% p.a. – 10.10% p.a.	9.55% p.a. – 9.90% p.a.	9.55% p.a. – 9.90% p.a.	9.55% p.a. – 9.90% p.a.	9.55% p.a. – 9.90% p.a.
< 600	10.00% p.a. – 10.40% p.a.	10.25% p.a. – 10.65% p.a.	10.00% p.a. – 10.40% p.a.	10.00% p.a. – 10.40% p.a.	10.00% p.a. – 10.40% p.a.	–	10.00% p.a. – 10.40% p.a.	10.00% p.a. – 10.40% p.a.	10.00% p.a. – 10.40% p.a.	10.00% p.a. – 10.40% p.a.
150 <= CIBIL <= 200	8.75% p.a. onwards	9.00% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
100 <= CIBIL <= 150	9.25% p.a. onwards	9.50% p.a. onwards	9.25% p.a. onwards	9.25% p.a. onwards	9.25% p.a. onwards	9.45% p.a. onwards	9.25% p.a. onwards	9.25% p.a. onwards	9.25% p.a. onwards	9.25% p.a. onwards
Sure Fixed Scheme	10.00% p.a. – 10.25% p.a.	–	10.00% p.a. – 10.25% p.a.	10.00% p.a. – 10.25% p.a.	10.00% p.a. – 10.25% p.a.	–	10.00% p.a. – 10.25% p.a.	10.00% p.a. – 10.25% p.a.	10.00% p.a. – 10.25% p.a.	10.00% p.a. – 10.25% p.a.

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LIC Home Loan Eligibility for Women

• Eligibility Criteria: Women applicants must meet the same eligibility requirements as other borrowers, including income, credit score, and property value.
• Interest Rates: LIC often offers a lower interest rate for women borrowers to encourage more women to buy homes.
• Benefit: This discount helps make home ownership more affordable for women borrowers.

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How to Use LIC Home Loan Eligibility Calculator?

LIC Home Loan Eligibility Calculator allows you to check your housing loan eligibility online quickly. Follow these simple steps:

1. Input your total gross monthly income.
2. Choose the desired loan term. Longer tenures can increase your eligibility.
3. Enter LICs current home loan interest rate.
4. Input your existing monthly EMIs for other loans.
5. View your eligible loan amount based on the entered details.

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Benefits of Using LIC Home Loan Eligibility Calculator

• Instantly determines your loan eligibility
• Access the calculator online anytime for free
• Get a clear understanding of your borrowing capacity
• Helps in aligning your home search with your budget
• Use your eligibility estimate to negotiate better terms and conditions

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Factors Affecting LIC Home Loan Eligibility

Several factors affect your eligibility for an LIC home loan, including:

Factor	Impact on Eligibility
Age of the applicant	Younger applicants get longer repayment tenures
Financial position	Strong financials improve eligibility
Repayment record	Also good repayment history boosts eligibility
Credit score	Higher scores increase chances of approval
Existing liabilities	Higher liabilities reduce eligibility
Applicant’s profile	Stable profiles are favored
Property specifications	Newer, well-located properties have better eligibility
Loan guarantor status	Being a guarantor to another loan can affect eligibility

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How to Improve My Eligibility For LIC Home Loan?

To improve your LIC Housing Finance Home Loan Eligibility, take these key steps to qualify for a higher loan amount with better terms.

Factor	How to Improve Eligibility
Credit Score	Maintain a score of 750+ by clearing dues on time and reducing debt.
Employment Stability	Stay employed with a stable job or business for at least 2 years.
Debt-to-Income Ratio	Reduce existing debts or liabilities to lower your DTI ratio.
Loan Tenure	Opt for a longer tenure to lower monthly EMI and improve eligibility.
Co-applicant	Add a co-applicant with a steady income to boost eligibility.
Property Value	Choose a property with a higher market value to increase loan eligibility.
Additional Savings	Having significant savings or assets can demonstrate financial stability.
Avoid Unnecessary Loans	Refrain from taking new loans during the application process.

Also Read: 12 Month Roadmap for Improving Your Credit Score and Bagging the Best Home Loan Offers.

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Conclusion

Buying a home is a big step. Getting a home loan can be hard, but we make it easy. Choosing Credit Dharma for your home loan simplifies this process. We offer expert advice and personalized assistance to make everything hassle-free. You’ll receive timely updates on your loan application and disbursement progress.

From the initial application to the final disbursement, we provide comprehensive support. Enjoy clear and honest communication at every stage, with no hidden surprises.

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Frequently Asked Questions