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LIC Housing Home Loan

It is not an easy process to build a house. You can make it a simpler process by getting the LIC housing loan. When you pass the basic eligibility criteria for the loan you can easily obtain the loan.

The first step that is reviewed in testing the eligibility is how can you manage the amount or how much can you afford for the house. Also they check how you can make the monthly payment possible (interest amount). After checking this, the LIC decides on sanctioning the housing loan.

Once the loan is sanctioned, you should provide with the details about yourself. The details such as your salary, your other loans, tax returns, tax liabilities, etc. You will be asked to provide these details along with evidences to prove those things. You should also give them your office address and contact number so that they can come in person or call your office to verify the official details given by you.

You should also provide them information about the new house. You must give information regarding the purchase contract, the planned unit, the project name, phone number and address of the house owner or the builders. You should also give them details about the duration of the construction work (suppose if it is a new building or new house that is being built or planned to built). There will be a need to provide them the estimated cost of the construction of your house or the flat.

If you are going to buy a land then you have to provide information about the location of the land, the owner’s name and address, the date of contract, etc. You should also provide information about the authorization of the land or the house that is given.