LIC Housing Finance Ltd. promoted by Life Insurance Corporation of India, is one of the largest Housing Finance Company in India. LIC housing Finance is regulated by National Housing bank.

LIC Housing Finance is mainly engaged in the business of providing long term housing loans to individuals for purchase or construction or repair and renovation of new / existing residential properties. LIC Housing Finance also provides loan against existing properties for business or personal needs and for professionals for purchase or construction of nursing home, clinics, diagnostic centers, office space, etc.LIC Housing finance also provides financial assistance to builders and developers. 

One of the most popular product of LIC Housing Finance is "Griha Prakash", which is designed for individuals to provide finance for purchase or construction or repair and renovation of new / existing residential properties.

LIC Housing Finance offers maximum loan amount of 85% for property costing below Rs. 20 lakhs and 80% for above Rs. 20 lakhs. This amount includes stamp duty and registration charges. This loan amount can be repaid by way of Equated Monthly Installment (EMI) within tenure of 240 months i.e. 20 years.

Other products of LIC Housing Finance are:-

"Griha Vikas" is a home equity product where loan is provided by LIC Housing Finance against mortgage of residential or commercial property for purpose of any personal needs for child education, child marriage, foreign travel or financial needs for business. 

The minimum loan amount an individual can borrow under this scheme is Rs. 2 lakhs and has to be repaid by way of Equated Monthly Installment (EMI) within a period of 15 years.

To avail "Griha Vikas" the age of the property to be mortgaged should not be more than 35 years.

"Apna Office -1" is a loan from LIC Housing Finance to professional for purchase, repairs and renovation of commercial property to carry out professional activities and also to buy equipments. The minimum loan amount to be borrowed under this scheme is Rs. 5 lacs and can be repaid within a period of 10 years.

"Reverse Mortgage Loan" for senior citizens who can borrow against their existing self-acquired and self-owned property. 

The loan is provided by LIC Housing Finance through monthly / quarterly / half-yearly / annual disbursements or a lump-sum or as a committed line of credit or as a combination of the two. The maximum tenure of the loan is 15 years. The borrower can continue to stay in the residential property as long as his is alive and after him, his spouse can stay till her/his death. You can even prepay the loan, whenever you feel so during the tenure without any prepayment charges. 

The only pre-condition is the borrower should be the owner of a self-acquired and self-occupied house or flat located in India, with clear title indicating the ownership of the property. The residential property should be free from any encumbrances and the residual life of the property should be at least 20 years. 

LIC housing finance charges a processing fee of 1% of loan amount for all the loans