LIC HFL Junior Assistant Previous Year Questions and Answers
We are going to share the General Awareness section questions asked in the LIC HFL Junior Assistant exam. Those who are preparing for the LIC HFL Junior Assistant exam should go through these questions once. The LIC Housing Finance Limited Junior Assistant Exam 2024 included a focused section on general awareness related to the housing finance industry, which played a crucial role in the overall score.
Applicants preparing for the upcoming LIC HFL Junior
Assistant exams must understand the pattern, important topics, and types of
questions asked from this section. In this govt job portal article, we provide
a complete analysis of last year’s questions, along with key concepts that were
frequently tested.
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Overview
of Housing Finance Industry in LIC HFL Exam
The General Awareness section in LIC HFL
primarily covers:
·
Housing
finance institutions
·
Government
housing schemes
·
Banking
and financial concepts
·
Industry-related
terminologies
In the 2024 exam, around 5–10 questions were
directly based on housing finance and related topics.
Previous Year Questions with Answers & Explanation
Question
1. Which
body regulates Housing Finance Companies (HFCs) in India?
Answer: National Housing Bank
Explanation: NHB is the apex
authority responsible for regulating and promoting housing finance companies in
India.
Question
2.
National Housing Bank (NHB) operates under which institution?
Answer: Reserve Bank of India
Explanation:
NHB is a wholly owned subsidiary of RBI, which supervises financial
institutions in India.
Question
3. LIC
Housing Finance Ltd. is a subsidiary of which organization?
Answer: Life Insurance Corporation of India
Explanation: LIC Housing Finance is
promoted by LIC, making it part of India’s largest insurance group.
Question
4. What
is the full form of HFC?
Answer: Housing Finance Company
Explanation: HFCs are institutions
that provide loans specifically for housing and real estate purposes.
Question
5. What
is the full form of NHB?
Answer: National Housing Bank
Explanation:
NHB is the central institution for housing finance regulation and
development.
Question
6. Which
scheme provides an interest subsidy on home loans?
Answer: Credit Linked Subsidy Scheme (CLSS)
Explanation:
CLSS reduces the interest burden for eligible home loan borrowers.
Question
7. CLSS
is a part of which government scheme?
Answer: Pradhan Mantri Awas Yojana
Explanation:
CLSS is a major component of PMAY aimed at affordable housing.
Question
8. What
is the main objective of PMAY?
Answer: Housing for All
Explanation: PMAY aims to provide
affordable housing to all eligible citizens.
Question
9. Housing
loans fall under which category of lending?
Answer: Priority Sector Lending
Explanation:
RBI includes housing loans under the priority sector to promote affordable
housing.
Question
10. What
does LTV stand for in housing loans?
Answer: Loan-to-Value Ratio
Explanation: It shows the proportion
of the loan amount compared to the property value.
Question
11. What
is EMI in loan terminology?
Answer: Equated Monthly Installment
Explanation: EMI is the fixed monthly
amount paid to repay a loan.
Question
12. What
type of interest rate is commonly used in home loans?
Answer: Floating Interest Rate
Explanation:
Floating rates change based on market conditions and RBI policies.
Question
13. What
is the maximum tenure of a housing loan generally?
Answer: Up to 30 years
Explanation: Longer tenure reduces
EMI but increases total interest paid.
Question
14. Which
ministry implements PMAY (Urban)?
Answer: Ministry of Housing and Urban Affairs
Explanation:
This ministry is responsible for urban housing development programs.
Question
15. What
is the repo rate?
Answer: The rate at which the RBI lends money to banks
Explanation:
Repo rate influences loan interest rates in the economy.
Question
16. What
is the role of NHB in housing finance?
Answer: Regulates and promotes housing finance institutions
Explanation:
NHB ensures the stability and growth of the housing finance sector.
Question
17. What
is the minimum CIBIL score generally required for a home loan?
Answer: Around 700 or above
Explanation: A higher CIBIL score
increases the chances of loan approval.
Question
18. What
is a prepayment penalty?
Answer: Charges for early loan repayment
Explanation:
Some lenders charge a fee if the loan is repaid before the tenure ends.
Question
19. Which
sector is primarily financed by LIC HFL?
Answer: Housing / Real Estate sector
Explanation:
LIC HFL mainly provides loans for residential properties.
Question
20. Affordable
housing is mainly targeted at which groups?
Answer: EWS, LIG, and MIG categories
Explanation:
Government housing schemes focus on economically weaker and
middle-income groups.
Preparation
Strategy for This Section
One who wants to score well in this general awareness section should follow the following points:
1.
Focus on static + current awareness combination.
2.
Revise government schemes related to loans and house
financing regularly.
3.
One should study all the basic banking concepts.
4.
Practice mock tests based on housing finance
Conclusion: The General Awareness (Housing Finance Industry) section in the LIC HFL Junior Assistant was moderate in difficulty and high-scoring for well-prepared applicants. Most GA questions were concept-based and directly linked to government schemes and financial institutions. A smart preparation strategy for the LIC HFL Junior Assistant exam, focusing on key concepts and repeated topics, can help candidates maximize their score in upcoming LIC HFL exams.
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