LIC Housing Finance Ltd (LICHFL) on Wednesday launched “2020 Home Loan Offer”, whereby the principal repayment will not kick in till the possession for under construction projects. The offer also states that borrowers will get six equated monthly instalment (EMI) waiver on ready to move residential houses.

The company said this is a limited period offer till February 29, 2020 and disbursement has to take place before March 15, 2020.

ICHL, in a statement, said it has come out with the special offers in its home loan products -- covering purchase of house under construction and ready to move houses where occupation certificate (OC) has been received -- to give a major thrust to the real estate sector.

“Under the “Pay When You Stay” scheme, the borrower gets to commence the payment of principal on home loans only on possession of house or after 48 months from first disbursement, whichever is earlier,” LICHFL said. Only interest on the disbursed amount needs to be paid during the period.

For the benefit of purchasers of ready to move house, the Company has offered to waive up to 6 EMIs during the loan tenure, the statement said. It also said that the waiver will be 2 EMIs each at the end of the fifth, tenth, and fifteenth years, provided the borrower is regular in repayments and makes no pre-payment for the first 5 years.

Siddhartha Mohanty, Managing Director & CEO, LICHFL said, “With this move, we are confident to serve the purpose of boosting the real estate sector and bring about improvement in the sentiments of the home buyers. We have included both the segments of real estate -- under construction projects and ready to move house."

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