What is a home loan statement?
A home loan statement is a brief account of the amount of money that you have paid for a home loan in a twelve-month period. It holds all the necessary information such as the amount of money lent, the amount that has already been paid, the capital loan amount, and EMIs for the loan that need to be paid by the receiver.
If the borrower takes a home loan from LIC or an NBFC, or a bank, after the entire application and disbursal procedure, he might request for the home loan statement. These loan statements contain all the essential data about the home loan including the amount that needs to be paid, the amount already disbursed, any EMI repayment that is outstanding, cost of not paying back the instalments (agreed between the borrower and LIC in this case, etc.)
Home loan statements are given to you right at the beginning of the twelve-month period and help you to keep an exact track of the repayment of your loan. A home loan tenure is the period of time taken by the borrower to repay the loan together with the interest
The beneficiary will receive an improved edition of the home loan statement along with the neglected loan amount and unpaid EMIs.
Importance of a home loan statement
Maintaining a home loan statement will ensure that you plan and manage your debt better. LIC Housing Finance loan statement is a summed up report of the home loan that has been taken by the beneficiary. LIC provides this statement after lic hfl login at the end of every accounting year consisting all the required details regarding your loan repayment.
Accurate documentation
It helps you keep up with the pending instalments, payments that you have not yet paid back, and the amounts of money you have already repaid. LIC home loan statement helps the customers to keep a systematic record of the schemes under the home loan received by them.
Encourages punctuality
A home loan statement serves you by holding an invoice of the payments that are unsettled and records of the amounts of money previously repaid by you to the lender. This enables you to preserve a stable length of time that is given to you for paying back the loan amount. This is how you can maintain your punctuality. Following your home loan statement will make the entire process of loan repayment easier on time without any delay.
Acts as a testimony
Home loan statements also serve as evidence for settling an amount of money that is borrowed from a lender along with the appropriate rate of interest along with other monetary records which makes the EMI repayment easier for the beneficiary. LIC loan statements display credibility in the borrower’s ability to repay a loan, hence making it easier for banks to give you loans in the future.
Future finance management
Home loan certificates provide assistance with your future finances. If you have implemented your financial management according to plans, you are bound for wealth creation. In this case, home loan certificates ensure continual repayment of the EMI in what terms have been agreed between LIC and the consumer, and it helps them to plan the rest of their finances smartly, starting from savings to investments to other forms of personal financial planning. A home loan is also a smart financial management move in which your future is secured. The customers are well aware of their future monthly instalments, the amount of loan that they need to pay, money that has already been paid, and the period for repaying the home loan that has been given to them by the bank.LIC home loan statement notifies you about the total amount of tax that you have to pay.
LIC HFL home loan statement
LIC Housing Finance loan statement is a report of the home loan that has been taken by the beneficiary. LIC provides this statement, after you log in to the LIC HFL website, at the end of every accounting year. Like with any other loan statement, it contains details such as total money owed and unpaid instalments.
The LIC Home loan statement is granted to salaried as well as self-employed individuals. The home loan statement issued by the LIC Housing Finance can also be called as LIC Housing Finance home loan provisional certificate.
Once you have navigated to the lichfl login page or the customer portal, you will get compulsory fields to fill like username, password, captcha for verification. You can enter into your personal account of the home loan statement and find every relevant detail – amount initially disbursed, agreed tenor of loan repayment, details of the loan repayment EMIs already completed, the outstanding EMIs, etc.
How can you obtain a LIC HFL house loan statement online?
Similar to other bank procedures, a LIC home loan statement can also be acquired through online application. You can generate your home loan statement by visiting the official LIC Housing Finance Limited website. Besides being quick and hassle-free due to online application and entire online procedure, the statements generated through the official website can also be used as proof of documentation when submitting their income tax returns.
All you have to do is just attach your necessary official and personal documents to get your application for a LIC House loan statement approved. To get your LIC official home loan statement from the website, you need the following piece of information –
- The correct home loan account number
- The amount of home loan which has been sanctioned by LIC.
Once these two critical information are with you, you can go ahead with generating the LICHFL home loan statement.
- Visit the official website – http://www.lichousing.com/.
- Once the homepage pops up, you will be redirected to the customer portal section where there are two options – new customer and existing customer. According to the status of your customer relationship with LIC, click on either of the two options.
- Here let us demonstrate by clicking on the New Customer portal option.
- Once you click on the New LIC Customer portal, enter the following set of information –
- The new home loan account number
- The number of home loan sanctioned
- The applicant’s date of birth
- The security code that will be generated on the screen.
- Once you have input all the information, click on the submit all button.
- After this step, you are required to enter your personal details like your
- Email ID
- A username that you have chosen and is unique
- A unique password
- After these details are entered and the LIC HFL login is done, you will get an email sent to you from the LICHFL website which contains your username, password as well as the activation link provided to you.
- Click on the activation link provided in the email.
- You will be able to do the LICHFL login from the LIC HFL website using the username and password that you had created.
- Once you have logged in to the LIC HFL portal securely, you can access the following information – your personal details and your linked home account details.
- In the same portal, you will be able to view the status report of your home loan on the left hand side of the menu.
- You will be able to view the following information as well –
- The amount of home loan sanctioned by the LIC HFL
- The tenure of the loan
- The date on which the loan was sanctioned
- The rate of interest for the EMI repayments
- The date on which the home loan was disbursed
- Status of the EMI
- Status of the principal and the interest.
- Now, in order to generate your LICHFL home loan statement, you have to do the following.
- In the same portal, on the left hand side, select the “Repay Certificate” link.
- Select the home loan account number.
- Select the pertinent financial year.
- Click on ‘GO’ to generate the LICHFL home loan statement.
- Click on the customer LIC HFL login. Publish or Print the documents needed to apply for a home loan.
- The home loan statement will be downloaded in the form of a PDF.
- You can simply print or download it from there.
How can you apply for a LIC House loan statement offline?
You can obtain a LIC House loan statement offline as well by just visiting a LIC branch near your locality. Ask them for a blank home loan statement form, and fill up the necessary details such as your pan card number, address, home loan account number, email id, and contact number. Once your verification is done by LIC, you will be handed a LIC house loan statement.
Features of LIC home loan statement
Semi-Online application
Similar to other bank procedures, a LIC home loan statement can also be acquired through online application. But the entire process of home loan application to home loan disbursal is not entirely online till now.
You have to request auto debit of your EMI repayment application from a particular account of yours or manually go and submit the sum of the EMI periodically at the LIC office. Although in the age of internet and mobile applications, you might request the home loan application from LIC agents manually.
However, whether it is digital or physical, the home loan statement will contain all relevant financial records.
Assists in managing finances
Since the LIC HFL home loan statement ensures every detail of your home loan disbursed by LIC, you can manage the rest of your finances well. You can save some part of your corpus as emergency cash and the rest you can invest.
However, investment is a matter of risk and you should study well before investing and diversify your portfolio into mutual funds, equities, bonds, securities, gold assets, fiat, etc.
LIC HFL home loans: Benefits
There are many insurance and creditor agencies that grant home loans. Some of them have lucrative interest rates and other benefits. Mentioned are benefits of LIC HFL home loans
- LIC is a reliable insurance agency.
- LIC offers home loans starting at as low as 1 lakh rupees. This limit can be stretched up to 15 crore rupees.
- The loan repayment tenure can go on for as long as 30 years. So, there is no excruciating financial burden.
- The rate of interest for a salaried individual with a good CIBIL score (above 700) is just 6.90%.
- The processing fee is as low as 0%. In the case where the maximum processing fee is extracted, you will have to pay 0.50%.
- There are lucrative offers for NRI citizens and senior citizens/pensioners under the LIC HFL scheme.
- The maximum loan term can be extended by 10 years in the event of retirement.
LIC HFL: Home loan schemes
There are several loan schemes under LIC HFL. Salaried, self-employed, and retired individuals can opt for any one of the following:
- LIC HFL Griha Varistha
- LIC HFL Pradhanmantri Awas Yojna
- LIC HFL Griha Suvidha
- LIC HFL Home Loan for NRIs
- LIC HFL Plot Loans
- LIC HFL Home Construction Loans
- LIC HFL Home Extension Loans
- LIC HFL Home Renovation Loans
- LIC HFL Top Up on Home Loans
- LIC HFL Pay when You Stay
- LICHFL 6 EMI Waiver
- LICHFL Advantage Plus
Being one of the most reliable insurance and loan companies in India, LIC monitors the Home Loan Statements as closely as possible to avoid any financial discrepancies. Home loan payment is a lengthy procedure that takes place over several months and it is very important that you keep checking your home loan statements every year through your LIC HFL login page.
LIC HFL contact information
Whenever you have any queries about your LIC home loan statement, you can contact the LIC HFL customer portal or email customersupport@lichousing.com
FAQs
How can interest rates be changed on LIC HFL?
Yes, you can. You need to go to the LIC HFL login page. After you log in to the LIC HFL customer portal, click on the “Change ROI” tab..After you click, accept the Terms and Conditions to move forward into the list of ongoing loan schemes for you and select the loan you want to change the interest rate for. Click on “Submit”. The customer portal will then show you if your interest rate has been changed or not.