LIC Housing Finance Ltd reduces its rates of interest for individual home loan borrowers with immediate effect.
Accordingly rate of interest for new customers having CIBIL score of 800 or more is 7.5% for any amount of loan.
An additional reduction of 10 bps i.e. 7.40% will be offered if the customer assigns new/existing single premium term assurance policy with the sum assured equal to the loan amount to LIC HFL.
The rate of interest is linked to the creditworthiness as reflected in CIBIL scores of the borrowers.
Speaking on the occasion, Siddhartha Mohanty, Managing Director & CEO of LIC Housing Finance Ltd, said they want to bring confidence back to the sector.
“We will do our part in supporting the real estate industry and the economy. The present crisis has also forced businesses to adapt to factors like social distancing and prepare for a new normal by leveraging technology,” Mohanty said.
The LIC HFL’s home loan app HomY has equipped the marketing teams to onboard customers digitally and provide faster turn-around time in loan approvals as well as servicing without visiting our offices, he said.
The LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of offices across the country and representative offices at Dubai and Kuwait.
The LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994.
It launched its maiden GDR offering in 2004. The company enjoys the highest rating from CRISIL and CARE indicating highest safety about the ability to service interest and repay principal.