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LIC loan against property

 

Eligibility & Documentation


LIC Loan Against Property Eligibility Criteria

 

 

Salaried Individuals

Self-Employed Individuals

Business / Company

Entitled Borrowers

Government / Semi government / PSU / Private/MNCs/ Proprietorship/Partnership businesses

Proprietor /

Partners / Directors

Partnership or Private Limited firms engaged in Manufacturing, Servicing, or Trading

 

 

Self Employed Professionals such as Chartered Accountants, Company Secretary & Doctors

 

Age

The person should be 21 years old at the time of loan application and his maximum age should be 65 years

Applicant must be a minimum of 21

years of age at the time of

application and should be a

maximum of 65 years at loan

maturity.

Proprietor / Key Partner / Main Director

must be a minimum of 25 years at the

time of loan application and

should be a maximum of 65 years

at loan maturity.

 

Experience / vintage

1 year of overall experience and 2 months with the present employer.

· Must be running the same business for the last 3 years

· Professionals with qualification of CA / CS/doctor with a minimum of 1 year of practice.

Business stability/history of minimum 3 years in the same business.

Income

Net monthly in-hand salary should be Rs.25,000

Gross annual income should be a minimum of Rs.3 lakh

Annual turnover should be a minimum of Rs.10 lakh

Citizenship

Individuals with Indian citizenship

Individuals with Indian citizenship

Proprietor / Partners / Directors with Indian citizenship

 

 

Documents Required To Avail LIC Loan Against Property

 

 

 

Salaried Individuals

Self-Employed Individuals

Firm / Company

Identity Documents

· Aadhaar Card

· Passport

· Voter's ID Card

· PAN Card

· Driving License

 

· Aadhaar Card

· Passport

· Voter's ID Card

· PAN Card

· Driving License

 

· Firm/Company PAN Card, GST

Registration

Certificate (If applicable), and Other

Applicable Registration

· KYC of Partners / Directors PAN

Card and Aadhaar Card

· PAN Card

Address proof

· The electricity bill for owned premises

· Rent agreement for Rented premises

· Passport

· The electricity bill for owned premises

· Rent agreement for Rented premises

· Passport

· The electricity bill for owned premises

· Rent agreement for Rented premises

· Passport for Partner / Directors

Income Proof

· Last month’s pay slip

· Income Tax Returns along with

computation for the latest 2 years

· Profit/Loss statement and balance

sheet for the latest 2 years

 

· Income Tax Returns along with

computation for the latest 2 years

· Profit/Loss statement and balance

sheet for the latest 2 years

· GST Returns

Business / Employment

proof

Employment certificate

· Partnership deed

· Articles of association

· LLP agreement

· Partnership deed

· Articles of association

· LLP agreement

Bank Account Statement

Salary credit bank account statement of latest 3 months

Operative bank account statement for

the latest 6 months

Operative bank account statement for the latest 6 months

Other

document

· Title documents of the property

· Age of property, not more than 35 Years.

 

*The aforementioned list of documents for a LIC LAP loan is general. Extra documents may be needed at the time of loan processing.

eligibility

How to improve your LIC loan against property Eligibility?

Follow these tips to improve your LIC loan against property Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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