Home loan

LIC housing finance ltd has LIC Griha Prakash LIC home loans plan where individuals can get LIC housing loan amounting to 85% of the total property cost provided the total value of the property doesn’t exceed the value of 1 Crore Rupees. This LIC home loan scheme is valid on both purchase and construction of property and covers the money that the buyer spends while signing agreement, making registration charges and payment of stamp duty fees.

Mortagage Loan

A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
  LIC Home Loan Security / LIC Home Loan Insurance / Home Loan Security / Home Loan Insurance

Life Insurance Company Provides Following Home Loan Schemes and Insurance

LIC Loan Insurance
The insurance cover provided by LIC on the home loan keeps on plummeting with the payment of the monthly installments. The LIC home loan insurance policy releases a heavy amount of money to the deceased policy holder’s family. However, it does not give any benefits to the applicant if he remains alive.

LIC’s Mortgage Redemption Assurance Policy is aimed at meeting the debt requirements of the policy holder who wants that his family holders don’t have to pay up the home loan once some misfortune befalls him. In order to avail this scheme the applicant has to bear up the cost of the compulsory medical examination. There is no surrender value in this policy and it is generally granted to applicants of 50 years or less. It does not cover any life benefits and the outstanding loans would be paid according to the fixed schedule.
The list below shows how the LIC Mortgage Redemption Assurance Policy works
Entry age - Minimum 20 years and maximum 50 years.
Mode of Payment- Quarterly, monthly, salary saving scheme, half yearly and yearly.
Sum Assured – INR 50000 (minimum) and 1000000 (maximum)
Maximum Maturity Age is 65 years.

LIC Home Loan Security / LIC Home Loan Insurance / Home Loan Security / Home Loan Insurance