Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr LIC has the strongest customer base in India so much so that people recognize life insurance policies with LIC only. For them, rest are mere options, but this insurance company is your genuine guardian.The company also offers housing finance through its extended company LIC HFL which is also no less popular than its insurance policies. With the combination of a higher loan amount, low-interest rates and flexible tenure facility, borrowers find the deal suitable to their pocket. In this article, we have talked about the rate of interest offered by the housing finance company and based on that the EMI a borrower has to pay.Home LoanWhat is the Home Loan Rate Offered By LIC?The home loan interest rate at LIC is one of the lowest interest rates in India presently. The minimum interest rate on housing loan is 8.35% per annum for women applicants. Below is the rate chart for the variable loan amounts and for different applicants:Up to ₹30 lakhs- 8.35% p.a. (for women) and 8.40% p.a. (for others)From ₹30 lakhs to ₹2 crores- 8.50% p.a. (for all)From ₹2 crores to ₹5 crores- 8.70% p.a. (for all)How Much EMI Do You Have to Pay?Whenever you apply for LIC home loan, an EMI calculator is the easiest tool that can help you calculate the monthly installments in a few minutes. This tool would take into account the basic details of your home loan which are:Loan amountTenureInterest rateNow, when you mention the above details in the calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example of the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.35% per annum.EMI: ₹19,519Total interest outgo: ₹15,13,480Total amount: ₹35,13,480Here is the formula to calculate the EMI or equated monthly installment:E= P.r. (1+r)*n/((1+r)*n -1)Where,E=EMIP=Principal loan amountr= Rate of interest on monthly basis (r= Annual rate of interest/12/100)n=Loan tenure What is The Eligibility Required to Apply for LIC Home Loans?Below are the eligibility criteria that an applicant must match to apply for a home loan at LIC:Resident of IndiaNon-Resident of IndiaPensionersSalaried employeesSelf-employed professionalsBusinessmenPensioners below 70 years of age are classified as before-retirement individualsPensioners of 70 years of age and above are classified as post-retirement individuals For Purchase/Construction and Repairs/Renovation:You can get minimum loan amount of ₹1 lakhYou can get the maximum loan up to 85% of the market value of the property or up to ₹75 lakhsQualified professionals can choose loan tenure up to 20 yearsOthers can get the loan for the tenure up to 30 yearsFor Plot Purchase:You can get minimum loan amount of ₹1 lakhYou can get the maximum loan up to 75% of the market value of the property or up to ₹75 lakhsThe loan can be taken for the maximum tenure of 15 yearsFor Takeover from other Banks:Salaried applicants can get the loan for the maximum tenure of 30 yearsBusinessmen can get the loan for the maximum tenure of 20 yearsWhere Can You Apply for The Loan? You have the option to either apply online or visit the nearest LIC HFL branch. For the online procedure, you can visit the official website and follow the procedure. There is also an option to apply through a reliable mediator. Choosing the latter would be time-saving as you can ask them all about the product, take your time, and then proceed further.