LIC Housing Finance Limited
by
zahid iqbal
LIC housing finance was started as a fully owned subsidiary of lic or life insurance corporation of india. the company was established with a motive to promote housing through the issue of long term finances to individuals so that they are empowered to purchase, construct or renovate their new or existing houses or apartments. the company also provides financial support on properties for business or personal needs and provides loans to professionals for the purpose of acquiring their own premises or office buildings.
Lic housing finance was launched in the year 1989 under the companies act of 1956. lichfl had become a separate company and had gone public in the year 1994. the corporate office of lic housing finance limited is situated at bombay life building at veer nariman point. according to an official report from lichfl, it has more than 158 marketing units, 6 regional offices and more than 13 back offices.
LICHFI provides loans under various categories such as Corporate loans: corporate loans are targeted at corporate employees who work for psus, government organizations and employees of both public and private limited companies.
Home Loans For Individuals: home loans are provided to individuals at easy rates of interest for both residents and also for non resident indians. loan takers are provided with options such as step up facilities for a stable increase in the amount of emi over time depending upon the repayment capacity.
Loans Issued To Real Estate Developers And Builders: real estate developers and builders are also offered loans under this scheme for financing municipality approved building plans in both urban and semi urban areas.
Loans For Professionals: professionals are also provided loan facilities so that they are able to acquire their own premises or for other purposes.
Lichfl also provides deposit facilities for individuals as well as for businesses. these deposits are accepted for periods of 1 year to 5 years. the rates of interest are dependant on the deposit time with one year deposit being the least and the 5 years deposit being the highest. the interest rates are either paid twice every year or they are compounded at every six months.
All the above mentioned people can calculate their emi amount online with the help of lic housing loan calculator which is found on the website of lic housing finance limited.
With the help of this lic housing loan calculator, a loan seeker will be able to know the exact amount of emi, the number of emis and subsequent time, in months that it takes to completely repay the loan amount.
Thanks to such services, loan seekers can now know the interest rates and emis well in advance before applying for a loan. the emi can be calculated under various categories of loans which include purchase, construction, home entity, corporate employee housing loan, plot purchase NRI, extension, repair, renovation, plot purchase, consumer durables, etc.
These loans are issued on the basis of the net income of the individuals. so, loan applicants can be able to know the highest amount and the lowest amount eligible and calculate the subsequent emis with the help of lic housing loan calculator.
Hi Guys I am working but love to write. And today I am writing upon the housing financial problem and how to solve this problem with the
LIC Housing Finance
. I hope you will like my efforts.
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