- Purpose: purchase/ construction of staff quarters.
- Applicant: PSUs or reputed listed public limited.
- Repayment Mode: Equated on monthly basis
- Security: Equitable mortgage along with any other mode of security.
- Rate of Interest: Quoted on the application.
Line of Credit "To" Scheme
All those organizations that are having the schemes of housing finance for the employees, loans are provided by LIC HFL under the scheme of line of credit. This scheme is to provide line of credit to the organisation that is borrowing to fund its scheme of housing finance for employees.
- Mode of Advance: It is on the periodical statement's basis of housing loans that is sanctioned to the employees. The company borrowing shall disburse the amount of loan within 15 days duration of availing the disbursement to its employees from LIC HFL
- Security for the Loan: 1) Deed of guarantee given by the beneficiary employee till the extent of loan amount advanced to him by Employer Company. 2) Equitable Mortgage financed of individual units under LOC in the deposit form of the title deeds that has to be given to the borrowing company on LIC HFL's behalf.
- Repayment of the Loan: Loan repayment will be directly made to LIC HFL by the borrower company.
Line of Credit "through" Scheme
The facility of Line of Credit - "Through" scheme is provided to those organizations where the facility of direct HBA is not given. This facility will help such organizations to fulfil their employees’ needs for availing the facility of housing loan. LIC HFL, under the scheme will make the funds available to the employees, as told by company to bring employee- beneficiaries or borrowers to take loan.
- Mode of Advance: It is linked to construction.
- Security for the loan: 1) security of the financed mortgaged property. 2) Borrowers will be required to execute their properties mortgage in the favour of LIC HFL. 3) The employee borrower would need to execute the loan agreement that has to be countersigned by guaranteeing employer for repayment. 4) Guarantee for repayment from the employer of the full loan with other dues and interest.
- Repayment of Loan: Through the deduction of salary.