LIC HFL home loan interest rate hits all time low at 6.90 pc

In a statement issued here on Wednesday said that the development comes at a very significant time and at the back of the various initiatives of the government to revive the realty sector which is critical to the economy. The rate of interest for home loans up to Rs.50 lacs starts from 6.90% for borrowers with CIBIL score of 700 and above. For a similar score, the rate of interest is 7.00% onwards for loan above Rs.50 lacs.

Commenting on the development, Shri Siddhartha Mohanty, MD & CEO of LIC Housing Finance said, “Home loan interest rates are at an all-time low for the Company and thereby resulting in low EMI payment. Attractive price points and affordable EMI will aid in addressing the demand side for buying homes. As we adapt to new normal of living and working conditions, home ownership is considered as an important sense of social security”.

LICHFL has also launched a special home loan product ‘Griha Varishtha’ for pensioners.

The tenure is till the attainment of 80 years of age or maximum up to 30 years, whichever is earlier.

This specially designed product caters to retired or serving employees of PSU insurers, Central/State government, railways, defence, banks etc entitled to pension under Defined Benefit Pension Scheme.

For higher loan eligibility, the applicant can also jointly apply with their earning children. Additional benefits under this scheme include 6 EMI waivers for customers going for ready to move units or 48 months moratorium period for purchase of under construction units Borrower fulfilling the PMAY CLSS criteria will be eligible for interest subsidy up to Rs.2.67 lacs which will be added advantage.

Speaking on the launch Shri Mohanty added “it is this space which we feel has tremendous potential and can be tapped with unique product offerings. Product innovation that would meet customer needs is LIC HFL’s core competency. We are proud to have launched ‘Griha Varishtha’ which is the first of its kind in the market with its embedded benefits.”

He further added that the Company is fast tracking its digital journey transition.

Today customers can apply for loan from anywhere through HomY app and get their loan sanctions without visiting our offices. Going forward, we would like to enhance the capabilities of the app that would ensure a seamless home loan journey with us.