Money & Banking

LIC Housing Finance cuts interest rates to 6.66%

Our Bureau Mumbai | Updated on July 03, 2021

Will apply for loans up to ₹50 lakh for salaried individuals

LIC Housing Finance Ltd (LICHFL) has cut its home loan interest rate from 6.90 per cent to 6.66 per cent under a special limited period offer. This interest rate is applicable for home loans up to ₹50 lakh for salaried individuals. This is probably the lowest home loan interest currently being offered by any lender.

The housing finance company, in a statement, said new borrowers whose loans are getting sanctioned till August 31, 2021 will be eligible for the special offer provided the first disbursement is availed on or before September 30, 2021.

LICHFL said the rate of interest offered is linked to the borrower’s creditworthiness, as reflected by their CIBIL scores. “At 6.66 per cent, LIC Housing Finance Ltd has offered its lowest ever rate of interest on housing loans with a maximum tenure of 30 years,” the company said.

Also read: Centre’s big push to LIC’s mega IPO

MD and CEO Viswanatha Gowd added, “…Considering the impact of the pandemic, we wanted to offer an interest rate that would help in uplifting the overall sentiments and aid more individuals to fulfil their dream of owning their own house. “We hope that this reduction in home loan interest rate will further boost customer confidence and help in early revival of the sector.”

Currently, State Bank of India (SBI) offers home loans at interest rate starting from 6.70 per cent. Lenders such as HDFC and Kotak Mahindra Bank offer home loans at interest rates starting from 6.75 per cent. Kotak Mahindra Bank is quoting special interest rate of 6.65 per cent for balance transfers.

Published on July 02, 2021

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