FAQ | LIC HFL | Customer Portal
Loan amount is determined on the basis of the repayment capacity of the After the loan is fully disbursed or until 12 months from the date of first disbursement. Policy holder gives standing instructions to LIC through a mandate to debit his bank account on settlement date for payment of his premium. What is required to . Home» LICOnlineServicePortal Step 1—Filling up Registration Form; Basic details including Date of Birth, Present loan position will be displayed such as total loan outstanding under the policy, due up to which loan interest paid etc.
How do I add loan account in my profile? The procedure to add any loan account which is not currently included in your profile is as follows: Click on Manage Loans. Your Loan account will be added to your profile.
For new user registration, if the loan is having multiple applicants whose date of birth should be entered? You need to provide date of birth of Primary Applicant.
What should I do for forgot password? Click on Forgot password. One time password will be sent to your registered mobile and email id. Enter the code to verify account and submit. Now login with the credentials sent on email and mobile. Can I make EMI payment online?
If you are a registered in customer portal then online payment is available in case if you have missed the EMI due date. The procedure for same is as given below: Subsequently, the repayment is accelerated proportionately with the assumed increase in your income.
There is no moratorium period in this loan and the actual EMI begins from the first day. Paying increasing EMI helps in reducing the interest burden as the loan gets closed earlier. The repayment schedule is linked to the expected growth in one's income. If the salary increase falters in the years ahead, the repayment may become difficult. Interest portion in EMI is as it is higher in the initial years. Higher EMI means more interest outgo in the initial years.
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Have a prepayment plan ready to clear the loan as early as possible once the EMI starts decreasing. Home loan with lump sum payment in under-construction property If you purchase an under construction property, you are generally required to service only the interest on the loan amount drawn till the final disbursement and pay the EMIs thereafter.
In case you wish to start principal repayment immediately, you can opt to start paying EMIs on the cumulative amounts disbursed. The amount paid will be first adjusted for interest and the balance will go towards principal repayment. For example, on a Rs 50 lakh loan, if the EMI is xx, by starting to pay the EMI, the total outstanding will stand reduced to about Rs 36 lakh by the time the property gets completed after 36 months.
Home loan prepayment online using NEFT payment
The new EMI will be lower than what you had paid over previous 36 months. There is no tax benefit on principal paid during the construction period.
However, interest paid gets the tax benefit post occupancy of the home. Home loan with longer repayment tenure ICICI Bank's home loan product called 'Extraa Home Loans' allows borrowers to enhance their loan eligibility amount up to 20 per cent and also provide an option to extend the repayment period up to 67 years of age as against normal retirement age and are for loans up to Rs 75 lakh.
These are the three variants of 'Extraa'. This variant is suitable for salaried borrowers up to 48 years of age. While in a regular home loan, the borrowers will get a repayment schedule till their age of retirement, with this facility they can extend their loan tenure till 65 years of age. The salaried borrowers up to 37 years of age are eligible to avail a 30 year home loan with repayment tenure till 67 years of age. One big reason why you should connect your loan account for prepaying your home loan or other kind of loans is because at times we get some spare cash in our life through bonus or some other reason but because prepayment needs some effort and physically going to bank takes away our excitement and all that money finds its way to some other expenses which could have been avoided.
I was aware of this trick earlier but really wanted some more confirmations from other readers before writing it and now I have got 3 confirmations from different readers that a LOAN account can be added as third-party account in your online banking account and you can do a NEFT transfer to your loan account.
In the last few months I have paid off a substantial chunk online without visiting the bank — in fact they themselves suggested this option. You would have added their account in third-party transfer section. Same applies to loan account. I have online access to the loan account and part-paying is simply initiating a neft transfer from any of my saving accounts to this loan account.
It has been very convenient so far.No Online Loan Repayment Option in Indian Banks? (Hindi)