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Home > Home Loan > LIC Home Loan > LIC Housing Finance Plot Loan | Check Interest Rates, EMI, Eligibility, Processing Fees, and Documents Required

LIC Housing Finance Plot Loan | Check Interest Rates, EMI, Eligibility, Processing Fees, and Documents Required

May 5, 2025
10 min read
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Estimated reading time: 10 minutes

LIC Housing Finance plot loan is a comprehensive financing solution designed for individuals seeking to purchase a residential plot. With interest rates starting at 8.20 % p.a., financing of up to 75% of the property value, and repayment tenures extending up to 15 years, this loan ensures flexibility and affordability.


Land today, home tomorrow! LIC Housing Finance Plot Loans make it happen.

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LIC Housing Finance Plot Loan Highlights

LIC Housing Finance plot loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.

AspectHighlight
Interest RatesSalaried: 8.20% p.a. onwards
Self Employed: 8.45% p.a. onwards
TenureUpto 15 years
Maximum Loan Amount75% of the Property Value

Suggested Read: Plot Loan vs. Home Loans


LIC Housing Finance Plot Loan Interest Rates 2025

LIC Housing Finance (LIC HFL) offers plot loans at interest rates starting from 8.70% p.a. These rates vary based on factors such as CIBIL score, loan amount, occupation profile, and the specific home loan scheme you choose.

CIBIL Score RangeSalaried Self-Employed
≥ 8008.20% p.a. – 8.45% p.a.8.45% p.a. – 8.70% p.a.
775 – 7998.30% p.a. – 8.45% p.a.8.55% p.a. – 8.70% p.a.
750 – 7748.35% p.a. – 8.50% p.a.8.60% p.a. – 8.75% p.a.
725 – 7498.50% p.a. – 8.65% p.a.8.75% p.a. – 8.90% p.a.
700 – 7248.85% p.a. – 9.00% p.a.9.10% p.a. – 9.25% p.a.

Suggested Read: How to Reduce Processing Fees?


LIC Housing Finance Plot Loan Eligibility Criteria

AspectRequirements
Applicant TypeResident Indians
Non-Resident Indians (NRIs)
Employment StatusSalaried individuals: public, private, or government organizations
Self-employed professionals and non-professionals
Age LimitMinimum: 21 years
Maximum: 65 years
Work ExperienceAt least 2 years for salaried individuals
Business establishment of at least 2 years for self-employed individuals
Credit ScoreA CIBIL score above 600 is mandatory
Property TypePurchase of residential plots from government bodies, development authorities, or approved layouts

Suggested Read: LIC Housing Finance Statement Download


LIC Housing Finance Plot Loan Processing Fees

CategoryFees
Processing Fees 0.25% of the loan amount

Suggested Read: Fixed Interest Rates vs Floating Interest Rates


LIC Housing Fiance Plot Loan Documents Required

When applying for a home loan with the LIC, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:

General Documents

CategoryDocuments Required
Proof of IdentityPAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card
Proof of AddressDriver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement

Suggested Read: LIC Housing Finance Home Loan Interest Rates 2025

Proof of Income

SalariedSelf Employed
Last 6 months’ Salary SlipsLast 3 Years ITR with Computation of Income
1 Year ITR/Form 16Profit & Loss Account
6 months bank account statement (salary account or individual account).Balance Sheet
Capital Account Statement
Bank account statement for the last 12 months (for individual or business).
Business proof 

Suggested Read: How to Get a Home Loan without All Property Documents?

NRI

CategoryDocuments
Passport & VisaPassport with VISA printed on it
Work AuthorizationWork Permit
Identity ProofCopy of PAN, ID card issued by employer
Proof of Address Proof of address in India
Proof of address in the foreign country
Proof of address from employer with contact details
Income ProofLatest salary slip in original
Annual income tax return filed as per applicable rules for the last 2 years

Suggested Read: Can You Build a House on Agricultural Land?

Suggested Read: LIC Housing Finance Customer Care


Compare Top Banks Plot Loan Interest Rates

BankInterest Rate (p.a.)
State Bank of India8.00% onwards
ICICI Bank8.75% onwards
HDFC Bank8.70% onwards
Axis Bank8.75% onwards
Kotak Mahindra Bank8.70% onwards

Suggested Read: Impact of Union Budget 2025 on Home Buyers


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Check Out: LIC Housing Finance Home Loan EMI Calculator


Conclusion

Choosing the right loan for your land purchase is crucial. The LIC Housing Finance plot loan provides a reliable option with competitive interest rates and flexible terms. With straightforward eligibility criteria and a transparent process, the Axis Bank Plot Loan makes owning a plot simpler and more accessible.

Ready to explore your options? At Credit Dharma, we can help you find the best loan for your land purchase. Our experts will guide you through the process, ensuring you make informed decisions that align with your financial goals.

Frequently Asked Questions

Can I get a 90% loan on a residential plot with LIC HFL?

No, LIC Housing Finance offers a maximum loan of up to 75% of the property’s value for residential plot purchases. This is commonly referred to as the Loan-to-Value (LTV) ratio.

What are the interest rates for LIC Housing Finance Plot Loan?

Interest rates for LIC Housing Finance Plot Loans start from 8.70% per annum. The exact rate may vary based on factors such as the applicant’s credit score, loan amount, and employment type.

Which type of loan is best for purchasing land?

A plot loan, such as the one offered by LIC Housing Finance, is specifically designed for purchasing residential land. It provides financing for the land acquisition, with terms and conditions tailored for this purpose.

Is a plot loan from LIC Housing Finance eligible for tax benefits?

Tax benefits on plot loans are applicable only if the construction of a house on the purchased plot is completed within the stipulated time frame. Interest and principal repayments may then qualify for deductions under Sections 24(b) and 80C of the Income Tax Act, respectively.

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