LIC HFL Loan Status – Complete Guide to Check Application Status

Key Takeaways
 

• LIC HFL loan status helps borrowers stay updated on the progress of their loan applications and approvals.
   
• Regularly checking the loan status ensures transparency and prevents unnecessary delays.
   
• The loan status can be easily viewed both online through the official portal and offline at any LIC HFL branch.
   

Waiting to hear about your home loan approval can be stressful. By checking your LIC HFL loan status, you get up-to-date information and can plan your next steps with confidence.

Your LIC HFL loan status works like a progress tracker for your application. It updates as your loan moves from submission to approval, so you always know where things stand in the process.

For instance, Meera applied for a home renovation loan and regularly checked her LIC HFL loan status online using her login credentials. This helped her know when her documents were verified and when the loan was sanctioned.

This blog explains the complete process for checking your LIC HFL loan status, both online and offline, in simple, clear steps.

Types of LIC HFL Loans

LIC Housing Finance Limited (LIC HFL) offers different types of loans to suit various financial and housing needs. Borrowers can easily track their repayment progress and download their LIC HFL loan statement online or at the branch for reference.

Loans for New Home

People usually obtain home purchase loans to acquire new residential properties such as houses and apartments. The property value determines the amount banks and housing finance companies provide, up to 80%–90% for eligible borrowers. The long-term duration of up to 30 years allows repayment through easy EMIs. Interest rates are either fixed or floating, depending on lender policies and borrower preferences.

Loan for Home Renovation

People who want to renew or enhance their current house should consider a home renovation loan. This loan helps address structural problems and improve home appearance without using personal savings.

Renovation loans have shorter durations than home purchase loans, and the loan amount depends on estimated renovation expenses. Lenders require documented renovation plans for approval.

Home Extension Loan

A home extension loan helps homeowners expand their residential space by adding new rooms or constructing second floors. Those seeking extra living space without moving can benefit from this loan.

The terms for home extension loans include adaptable payment plans and affordable interest rates. The approval process for a home extension loan depends on lenders assessing both construction plans and local authority permissions.

Home Loan for NRIs

Non-resident Indians (NRIs) can apply for home loans in India if they want to buy or build property there. These loans usually have higher interest rates than regular home loans because of the extra risks.

NRIs can get loans from banks to buy new homes, build houses, or renovate existing properties. To qualify, they need to show proof of NRI status, employment documents from abroad, and bank statements. Loan terms usually range from 5 to 20 years.

Loan for Home Construction

A home construction loan is for people who already own land and want to build a house on it. The bank gives out the money in stages as the construction moves forward. Before each payment, the lender checks that the work matches the approved plans.

To get a home construction loan, borrowers must provide approved building plans and valid permits. These loans have payment terms similar to home purchase loans, and borrowers can pick flexible EMI plans that fit their budget.

Regularly checking your LIC HFL loan statement helps you stay updated on payments, interest, and outstanding balance.

Methods to Check LIC HFL Loan Status: Online and Offline

You can easily track your LIC HFL loan status from the comfort of your home through the official customer portal. The online process of checking the loan is simple and helps you stay informed about your loan progress, EMI details, and repayment history.

Step 1: Visit the Official Portal

Go to the official LIC Housing Finance customer portal at (https://customer.lichousing.com/login.php). This is the secure website for LIC HFL loan login and account management.

Step 2: Enter Your Details

Type your username, password, and security code in the given fields. Then click on the ‘Login’ button to access your loan account.

Step 3: Check Your Loan Status

Once logged in, you can view your complete loan information. Select the relevant option to perform your LIC HFL loan status check online. The portal will display your loan account summary, outstanding balance, payment history, and other important details.

Step 4: Continue Managing Your Loan

After checking your loan status, you can continue to download statements, make online payments, or request for updates through the same dashboard.

Always log out after completing your LIC HFL loan status check to keep your information safe.

By following these simple steps, you can quickly complete your LIC HFL loan status check online.

Stay informed about every stage of your home loan through a secure and convenient digital platform.

Offline Method:

If you prefer to check your loan details in person, you can track your LIC HFL loan status offline by visiting the nearest LIC Housing Finance Ltd branch. Carry your home loan application number along with a valid proof of identity for verification. 

The branch staff will assist you with your query and provide the current status of your application. This offline method is helpful if you want direct assistance or need to clarify any loan-related issues face-to-face.

Bonus Tip: You can visit the official LIC Housing Finance website at (https://www.lichousing.com/ ). By clicking here, you can check your loan eligibility, calculate your EMI, and explore various home and non-housing loan options offered by LIC HFL.

Required Documents for LIC HFL Loan Status 

To verify or track your LIC HFL loan status, you must have certain documents ready for identity, income, and property verification. These papers help the branch officials or online system confirm your application details and speed up the process during your LIC HFL loan status login.
 

Having these documents ready before starting your LIC HFL loan status login ensures a smooth verification process and quicker updates about your loan application or disbursement status.

Conclusion

To keep track of your LIC HFL home loan application, you can check your loan status easily. Use the official online portal or visit your nearest branch if you prefer in-person help.

FAQs

Is it advisable to take a loan from LIC Housing Finance?

It depends on your preference and experience. While LIC HFL offers reliable loan options and competitive rates, many customers have faced issues with customer support, delayed responses, and changing interest rates. It is advisable to compare LIC HFL with other lenders before deciding.

Why has my LIC HFL home loan tenure increased from 15 years to 18 years?
Your loan tenure may have increased because the interest rate on your loan has gone up. If you wish to maintain the original 15-year term, you will need to increase your EMI amount. If you do not opt for a higher EMI, LIC HFL automatically extends the repayment period to adjust for the higher interest.

Should I wait for LIC HFL to reduce my home loan interest rate or switch to another bank?
If LIC HFL has not yet passed on the latest repo rate cut to existing customers, you may end up paying a higher interest rate. Since your CIBIL score is around 790, you are eligible for better offers from other banks. If the difference in interest rate is significant and LIC HFL does not update soon, it may be wise to consider a balance transfer to save on interest costs.

Why did LIC HFL increase my home loan interest rate even after the RBI reduced the repo rate?
LIC HFL does not always pass on repo rate cuts immediately to existing borrowers. Some lenders charge a small fee, known as a rewriting or conversion charge, to link your loan to the latest rate. Paying the ₹3,500 rewriting charge can help you reduce your rate back to 8.95%. However, you should first compare potential savings before deciding whether to pay this fee or consider a balance transfer to another lender offering a lower rate.

Can I reduce my EMI amount without changing my loan tenure at LIC HFL?
Yes, you can lower your EMI by reducing your interest rate through a rate revision request or by making a part payment on your loan. However, if the interest rate remains high, the EMI may not reduce much. It is advisable to check your LIC HFL loan status regularly and discuss with the branch about refinancing or balance transfer options for better savings.

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About the Author

LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.