The Hindu Business Line : LIC Housing Fin’s new scheme

LIC Housing Finance has introduced a new scheme — Fix-o-Floaty — for its borrowers which provides for protection against interest rate movement.Under the scheme, the borrowers can pay a fixed interest rate of 8.9 per cent for loans up to Rs 75 lakh and 9.5 per cent for loans above Rs 75 lakh for a period of 3 years. After the end of three years, the customers will be offered the floating rate prevailing at that time. The customer also has a choice of shifting t o the floating interest rate without any additional charges, within the first three years. The scheme will provide the customers protection against the volatilities of interest rate movement, the company said in a press release. The company has also cut floating interest rates for its new borrowers. New home loan borrowers can get loans up to Rs 75 lakh at 8.5 per cent, as against 8.75-9.75 per cent earlier. For loans above Rs 75 lakh, the rates will be 9.50 per cent as against 10.25 per cent earlier.

— Our Bureau

More Stories on : Housing Finance | Interest Rates

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
RBI chief laments unreliable, delayed job data

Karnataka Grameen bank to add 15 branches

Rupee weakens on dollar buying

LIC Housing Fin’s new scheme

Tie-up for vehicle finance

Survey moots tax sops for long-term debt market

YES Bank to raise $200-m equity

Bajaj Allianz invests in SKS Microfin

G-Sec market turnover up

PSBs trim exposure to commercial realty

Lenders clear Maytas Infra’s CDR plan

Call rates steady