Lic housing loan recovery charges reg

Engineering professional

Dear Sir,

I have 2 issues.

First is LIC ROI is 11.75 per annum for existing customers. any rule or support to get less ROI?

secondly, while 1 month emi bounces and I  do not pay the bounced amount for the next 3 months, the running ecs is not working and LIC also not sending any email or call though i have updated them my email and phone numbers.

I feel this is not  irresponsible but intentional I hope to reocover more additional interest and recovery charges.

So can you please advice what can i do in this kind of more recovery charges collecting by LIC.?

They made this as a habit for every year.



Maharajan S


Lawyer in Hyderabad.wats app no.9989324294

You can send a legal notice through a lawyer. So that they will respond for your grievances. Give complaint to insurance ombudsmen. They will clarify and try to do justice.


Retired employee.

It appears that you have bent on conflicting with the financial institution.

LIC is a Public Authority unlike a Private financial Institution, and every thing is computerised, and you have executed documents, and as per Rules and regulations that was entered as input data while sanctioning your loan, automatically gives effects periodically.

Repayment of loan is borrower's responsibility, and one can not expect periodic reminders, once EMI is fixed.

I am sorry, you should feel more responsible as monies involved are Public funds and given to you several times more cheaper than market interest, and the market value of real estate is escalating every day, while the rupee value is diminishing.  To be frank, the 11.5% interest is nothing when compared with value of appreciation on the building.  Please consider that institution which have provided a home, and improve your credit rating, as you can not raise any funds from any financial institution if your credit rating comes down.


Dear Mr. Mahajan,

Having borrowed monies from the bank it is for you to ascertain the particulars from the bank.  You may obtain monthly account statement and examine the same about the status of the debt. You may also obtain copies of the loan documents and carefully examine each covenant. By doing this, I hope you can maintain your account as performing asset for the bank. Do not enter into any litigation. You may be loosing valuable time as well as money towards expenditure towards professional fee and unwarranted expenditure.





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