Can I do prepayment of LIC home loan?
LIC HFL Home Loan Prepayment Process If you have taken a home loan from LIC Housing Finance at floating interest rates ranging from 6.66% – 7.90% per annum and want to pay some loan amount before the tenure, you can easily do it without paying any extra charges.
How can I pay prepayment in Lichfl?
Can I make EMI payment online?
- Login with user id and password on customer portal.
- Click on Pay Online.
- Select Loan Account and click on “Get Dues”.
- Amount due as on date will be shown for the selected loan account.
- Click on Pay.
- Select the mode of communication.
Can we pay LIC home loan Online?
In order to pay your LIC home loan online, you need to log on to the LIC housing website and use your valid username and password for access to the portal. Using this service, you can conveniently pay your EMIs online, view receipts, know your outstanding loan amount etc.
How can I reduce my home loan tenure in LIC?
Tips to reduce Home Loan EMI
- Extended Tenure.
- Pay extra amount at least once in a year.
- Increase the amount of EMIs yearly.
- Apply both above options.
- Renegotiate the rate of interest.
- Rate of Interest.
- Tenure.
- Prepayment.
What is prepayment charges in home loan?
A prepayment penalty is a fee or charge that you have to pay to the bank if you decide to repay the loan before the end of its term. As a borrower, you may decide to close your loan before time to reduce your borrowings and monthly interest burden.
Can we prepay home loan before PMAY subsidy?
Yes, the PMAY subsidy availed is subject to keeping the loan alive for the entire period. In case the loan is prepaid the subsidy amount is reversed and you will lose part of the benefit.
What is home loan prepayment?
Home Loan Prepayment is a facility that allows you to repay your loan (in part or full) if you have surplus funds before completing your loan tenure. You get two options if you opt for prepayment: Reduce the EMI amount and keep the tenure same. Reduce the tenure and keep the EMI same.
How can I apply for Apna Ghar scheme?
Documents required
- Copy of Valid CNIC.
- Salary Slip/ Bank Statement.
- Employment Letter.
- Application Form for Formal Business (Blue)
- Application Form for Informal Income (Pink)
- Application Form for Salaried (Green)
- Urdu Application Form for Formal Business (Blue)
- Urdu Application Form for INFORMAL INCOME PERSON.
How can I repay my LIC loan?
You can follow any of the LIC loan repayment procedures:
- pay the interest along with the principal.
- pay only the interest and principal amount can be settled with the claim amount on the maturity.
- pay interest for a few years and repay the principal when you have excess cash.
Which is better reducing tenure or EMI?
Choosing between EMIs and tenure reductions While a reduction in the loan tenure will result in greater savings in interest pay out, opting for the EMI reduction option will lead to higher disposable income.
Is it better to reduce EMI or tenure?
“It is better to reduce tenure if you are comfortable paying the same or a marginally higher EMI. If the home loan rate is reduced by 0.25% to 10.75%, the EMI would come down by Rs 848 to Rs 50,671. Now if you can afford to pay the same or a little over the old EMI, you can reduce the tenure of your loan.