This leads them into many self-dwindling situations like.The Burden of payment: There will be times where the particular bondholder may not be able to pay the amount of signed bond. So that can be the hypothetical situation where the bondholder faces a heavy burden of a policy signed for the benefit of his future.Deadlines to be chased: In a few typical scenarios the bondholder may or may not pay the amount that he has to, because of certain reasons like salary delay, infrastructure costs, monthly expenses etc. In this case, there may be extra fine imposed on the bondholder so these will be the circumstances where the bondholder may not pay on time or may not chase the deadline.
Not only the drawbacks, but there are some benefits to customers from LIC Housing Finance Loan. The main reason that LIC Housing Finance Loan is well-known for home loans is, that it has understood their customers thoroughly. Comparing with other lenders, LIC Housing Finance Loan will offer Loan their customers in a very easy manner.
Take a look below to know the benefits of LIC Housing Finance;
1) Adjustable about documentation:
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LICHFL will offer you a housing loan, even if you don’t have proper documents for home loan application. Most of the lenders use to strict about occupancy Certificate of the home and there is a condition that it should be only taken from Municipal Corporation. In case of LIC Housing Finance Loan provide you loans by accepting Occupancy Certificate from Gram Panchayat too, sometimes even loan sanctioned without Occupancy certificate of the home. This is one of the reasons that customers mostly choose only LICHFL.
2) No need to worry about your CIBIL score:
Most of the banks and lenders use to reject the housing loan applications of the customers who score less than 700 marks in the 10th or 11th standard. But LIC Housing Finance Loan don’t even care of about those score of customers and accepts the Housing loan application.
Once a customer named Rajesh, who has applied for a 12 Lakhs home loan in Indiabulls, they have rejected his loan application due to he has scored less 700 marks. Later he approached a bank for a loan and his application accepted by the bank, but it has also received his loan application due to some problem in documents. Finally, his problem has been solved by LICHFL by approving his housing loan application.
3) LICHFL offers a high loan eligibility:
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Basically, when you are applying for a housing loan from lenders, they use to decides your loan eligibility by verifying your documents. But whereas LICHFL will approve your loan application even a higher amount also.
For home loan borrowers, one of the best option to get housing loan is LICHFL compared to other banks and lenders.