FAQ

9) What type of MORTGAGE is done on my property & What is the cost of it?

It is neither registered at Sub registrar's office Nor it is an equitable Mortgage. There by sparing you from the mortgage expenses of 1.00% to 0.20% respectively. Ours is a Deposit of Original Title Deed with Franking & Notarization expenses of about Rs.2500.00 In some cases for Mortgage Loans (& not the Housing Loans )these charges may change as per state govt. laws.

10) DO I HAVE TO PAY ANY SERVICE CHARGES TO LIC HFL DSA's or AGENTS?

Absolutely NO!

11) Are there any charges for providing necessary statements of my account to me?

There are NO charges for whatever accounts statements you may need as many times from LIC HFL during whole loan term of yours.

12) IF I AM BYUING A RESALE PROPERTY THEN WHAT WOULD BE MY TOTAL PROCUREMENT COST?

Other than the normal charges as explained above, you will have to incur expenses for Title & Search report of the property, you have planned to buy. These are your charges, you are supposed to pay to your Advocate who would be investigating the property.

13) What is my cost to transfer my present loan of another bank to LICHFL?

LICHFL does not charge you anything extra than their usual fees & Mortgage charges, as explained between Answers 6 to 11. But you will have in this case of loan transfer, pay charges to your Technical Valuer for valuation of your property. The reason being we do not grant loan more than 75% of your property's current market value.

14) Do I have to pay entire processing fee at the time of application ?

No Sir, You will pay part processing fee of Rs.5515.00 & the balance will be paid by you at the time of beginning of Disbursement process.

15) ONCE I HAVE PAID MY PROCESSING FEE & THEN I DECIDE FOR WHATEVER REASONS,NOT TO AVAIL

LOAN FROM LIC HFL, WILL I GET MY FEES BACK?

Once we have processed your application & given sanction, then your processing fee as paid by you cannot be refunded.

16) If my loan application is rejected, then Do I get my processing fee back?

No! If your loan application gets rejected due to non disclosure or suppression of material facts WHICH MAY have an impact on your loan application with us such as non disclosures of your on going loans, History of previous bad payments of other loans/ Credit cards as may be reflected in CIBIL, Our observation of your non disciplined financial behavior such as cheque bouncing or EMI REURNS of present disclosed loans. Also family dependence liability which may be there but not disclosed, Negative Residence & or Job verification reports.

17) If my processing cheque gets bounced, then what happens to my loan application or sanctioned loan?

Your loan is cancelled, you are BLACK LISTED, matter reported to CIBIL so that you may not get any loan from any other BANK or financial

Institutes.   BOSS! BE CAREFULL THIS IS DANGEROUS TO YOU.