Even while staying abroad, a true Indian’s heart always belongs to his home land. With the real estate still booming in India it is the best chance for the NRIs to take advantage of LIC NRI home loan plans to buy, construct, renovate, repair or even buy a plot at the place of their choice.

LIC housing finance limited offers LIC NRI home loans in form of Griha Shobha. In order to enjoy LIC NRI home loans an individual should be at least 21 years of age and should have completed his graduation. Also, to become eligible for LIC NRI home loan, a person should have a valid Indian passport. Even PIOs can apply for LIC NRI home loan and have to produce valid foreign passport at the time of submitting the home loan application.

Besides the age criteria and education, to avail the facility of LIC NRI home loan, a person should have a valid work permit or job contract and provide proof of a steady source of income. The minimum loan amount that applicant can get while applying for LIC NRI home loans is 5, 00,000 Rs. All self employed NRI have to repay back their LIC NRI home loans in a maximum time frame of 10 years while working professionals get a time period of 15 years to pay back their LIC NRI home loan amount.

Repayment of LIC NRI home loans have to be done in form of equated monthly installments. NRIs wanting to enjoy the benefits offered by LIC NRI home loans need collateral which can be an equitable mortgage of plot/flat/house or it can even be a demand promissory note.

While applying for LIC NRI home loan, applicants have to pay an upfront fee which usually amounts to 1% of the total loan amount that has been sanction plus the applicable service taxes. Learn more about the LIC NRI home loan rates by contacting LIC overseas office today.