Compare Lic Home Loans To Other Banks

Most Indian citizens look at LIC as their savior for various needs

, housing loans being one of them. And when you need to buy a home of your own, LIC would be one of the best places to shop at for your loan needs. LIC also would provide you loans for new homes, reconstruction and also for refinances too. And they would customize home loans which would be on the needs of the individual, keeping in check that the customer has all his papers in place and is eligible as well. But then it is always good to shop around before choosing one reputed financial institution. You even have the esteemed HDFC bank home loan schemes to think of.

With LIC you could even opt for Griha Prakash, which has brought a ray of hope for many across the nation. The rate of interest is minimal here for the borrowers to deal with, and hence even middle income groups can afford these loans. Over here, the bank would do eighty percent of the financing and the rest would be by the borrower. Repayment option would be of a twenty year span under this loan scheme. You can even have this loan for land buying, renovation or even to construct a new house as well. If you are wondering where you would get the extra twenty percent from, look at options such as HDFC bank personal loan to fund the same.

The Griha Lakshmi scheme wouldnt be for NRIs but only for resident Indians who wouldnt face any botheration availing this loan offer. The rate of interest for LIC Home Loans under this scheme is very competitive and you have maximum twenty years to repay the bank. One could also try looking at Griha Sudhar for loans from LIC as well. This is to help those who have taken loans to renovate or reconstruct property. Here as a borrower, you would get a max amount of rupees ten lakhs with a rate of interest that would suit your pocket.

Even pensioners have options, since LIC cares for their miscellaneous needs. Now most pensioners would be above 50 years of age and the banks otherwise would measure their payback capabilities by looking at the amount of pension they would get. LIC too would do the same, but would also help determined pensioners to avail LIC Home Loans at comfortable and cheap rates.

Thanks to LIC, one now can actually have their dreams and desires of owning a home soon. Borrowers are happier now since loans have been customized for their needs and they even get eligible for it.

by: Vivek

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