On 22 July, LIC Housing Finance Limited (LICHFL), India's leading housing finance mortgage loan firm announced that its loan rate for new home loan borrowers has been decreased to an all-time low of 6.90%.
LICHFL Reduced Home Loan Interest Rate
To borrowers with a 700 or higher score of CIBIL, LICHFLs' home loan interest rate up to Rs 50 lakh starts at 6.90 percent. Similarly, the interest rate for a loan beyond Rs 50 lakh is 7 percent higher. The interest rates on home loans are all-time low, and thus the EMI charge is low.
The confirmed attractive price points and the affordable EMI would help to meet the requirements of home purchasers. The business seeks to create demand through this product. In April, for new home buyers with CIBIL score of 800 or higher, the home financer had cut its rate of home loan to 7.5%.
Additional Benefits of Scheme
- Six EMI waiver available for consumers on ready to move properties
- 48 months moratorium period on purchasing of under-construction units
A special home loan program Griha Varishtha has also been introduced for pensioners by the housing finance firm. The term is up to the age of 80 or up to 30 years, whichever is earlier.
This specially crafted program provided to retired workers or serving employees of PSU insurers, Central / State government, railway, defence, banks, and among others, with pension rights by the Defined Pension Benefit Scheme. The borrower may also apply along with their earning children for higher eligibility for a loan.
However, LICHFL all-time low-interest-rate would help to address the needs of residential home purchasers and encourage more people to buy their dream house.
By: Shailaja K