A dream house is not a matter of words rather a person invests all his savings to get the dream house created and even if the savings would be less for that dream house then people don’t even hesitate to take a loan for the same. Now there is nothing wrong with taking loans till it would not get you a huge loss and there is rarely anyone who has not applied for a lot in their life as this is very normal.
Now when we talk about housing loans, the very first thing that comes to our mind is the LIC housing finance but the concern here is that is it worthy to take a loan from this service provider or not. Now just like a coin there are two sides of any organization and one side would show you the positive side of the organization whereas the other side would show you the negative impacts and if both things can balance together then the organization can be trusted for sure.
Now here it is to see if the advantages as well as, Disadvantages Of LIC Housing Finance could stand together. If you are still confused then here are some of the advantages as well as, disadvantages of LIC housing finance that you need to check out so that you can tally these points and decide whether the disadvantages are more dominant of the advantages are more dominant and accordingly, you would be able to decide whether you would take your housing loan from LIC or not:
Advantages of LIC housing finance:
Checking out advantages is the most important part of this procedure so at least you would be able to know how you would get benefited from the service which is a great thing.
If you are in a hurry and if you don’t have all the documents clear either then you should try this service for the housing loan though you should always keep your documents correct to avoid any inconvenience at the end of the time. Sometimes it happens that we buy a home from the owner directly and in case of very old homes often some papers go missing so in this case often people make duplicate papers.
Most of the housing finance or loan department of banks would not get you a loan in this case but LIC might get your loan even in this case and you should check them out for sure.
Initial low EMIs:
We cannot assure you about the future but at the moment you would get your loan from the organization, you would find out that the EMI amount would be quite low so you can take time and then return the whole amount. There are many periods that you can choose from and here you can choose the maximum period as there you would have to give the minimum amount of EMI per month.
If you would keep the loan period short then you would have to increase the EMI value so whatever your preference is, you would still be able to adjust your EMIs which is a great thing for sure.
No such need of documents:
Most of the loan services often ask for several documents that are not even necessary in the process and if you would not be able to present them with those documents then you would not be able to take the loan from those organizations. This is not only very frustrating but at the same time it seems unnecessary and this makes things very difficult for people but with the LIC housing finance service, this is not the case.
This organization would not ask you for lots of documents rather they would ask you to present some limited documents which seem to be the most important thing in this case. Even if some of your other documents would not be complete or on the point then also this would not be able to create any problem in this case. This makes taking a loan from this service very easy and that is the reason that this organization has a wide customer range which is a great thing.
Easy approval of loan:
If you are in a hurry and you need your loan on an urgent basis for your house then this the place you should appeal for a loan as they would approve your loan in very limited days which is a great thing. Often the process takes time but if your documents as well as, identity proofs would be correct then you would be able to get a loan very fast.
Comes under pan India:
Pan India is already an assurance and since it comes under pan India so no matter where you are living in India but you would still be able to enjoy their service. LIC service providers are around the country which is a great thing so even if you would shift to another place for some days then also you would be able to manage your loan.
Disadvantages of LIC housing finance:
It is very important to know about the disadvantages of LIC housing finance as well so that you can compare which is dominating and so you would be able to decide whether to enjoy the facility or avoid it completely.
The poor services:
No matter how convenient the procedure would be but if the service would be weak then no one would love to hold on. The same thing is with this service provider as they would provide you with information as long as you have not taken the loan and after that service would become very poor.
Lack of information:
This one thing is very common in almost all loan departments that at first, they would not provide you with all the information that you would ask for. It has also been seen that at some places seniors ask the employees not to disclose all the information even if it is very important.
After taking the loan if you would get back to them for any doubt then there are chances that you would have to visit them several times and also you may not be guided about your query. This might create inconvenience for sure and this needs to be stopped at the same time.
This is the worst thing ever about this service though it depends from place to place as not all LIC offices promote this thing. At many LIC offices, it has been seen that employees avoid telling about the charges clearly and they hide a certain part of expenditure initially but after a while, you would have to bear those charges.
No corporation from the staffs:
Even if you would get to them for help then also you would not be able to get any such corporation from the staff rather you would have to wait there for so many days which is irritating for sure. They simply would not bother to hear about your problem and if they do hear about your complications then you are lucky in this case and may have hope as well.
These were some of the common advantages as well as disadvantages of LIC housing finance that you need to check out before getting the service from them and to know more about such things you can browse through Financeshed.