LIC Housing Finance cuts int rates to historic low of 6.90%

New Delhi: State-run LIC Housing Finance Ltd has slashed interest rates to historic low of just 6.90 percent for those who have a CIBIL score of at least 700.

The interest rate for loans up to Rs 50 lakh will be 6.90. For homa laons of more than Rs 50 lakh, the rate of interest will be 7 percent for tnhnose who have CIBIL score of at least 700, the company said in a statement.

The company has reduced home loan rate to 7.5 percent in April for those having CIBIL score of at least 800.

The company has also come out special home loan product called ‘Griha Varishtha’ for pensioners under which the tenure will be till the attainment of age of 80 years up to maximum 30 years, whichever is earlier. This product is meant for retired or serving staff, Central/state government, PSUs, and railways among others who are eligible for a pension under ‘Defined Benefit Pension Scheme’. Those under NPS (New Pension Scheme) will be excluded. 

There are many advantages in this product like waiver of six EMIs for borrowers choosing ready-to-move-in houses or 48 months moratorium period for purchase of under-construction units.