LICHFL has recently slashed its rate of interest on home loans to 6.9% for borrowers with a CIBIL score of 700 and above borrowing up to Rs.50 lakhs. For a borrower with the same CIBIL score opting for a loan amount over Rs.50 lakhs, the rate of interest is 7% onward. Along with this massive reduction in interest rate (6.9%), the home financier is also offering 6 EMI waivers and a complete waiver of loan processing fee. The 6 EMI waiver facility is only available on ready-to-move flats and houses.
According to LICHFL Managing Director and CEO Siddhartha Mohanty, “Home loan interest rates are at an all-time low for the company and thereby resulting in low EMI payment. Attractive price points and affordable EMI will aid in addressing the demand side for buying homes.”
In April 2020, LICHFL has slashed its home loan interest rates to 7.5% for first-time home buyers having a CIBIL score of 800 and above. This new development is focused towards creating and increasing the demand for home purchase. It’s interesting to note that RBI has reduced its repo rate in recent months and the housing company’s cost of funds is currently approximately 5.6%. For a higher loan eligibility, the applicant can also apply jointly with their blood relatives or spouse.
Besides the regular home loan, LICHFL has also recently launched Griha Varishtha, a product that aims to help pensioners with home finance. The tenure extends till a maximum of 30 years or until the borrower reaches 80 years of age, whichever comes early. It caters to retired or serving employees of Central/state government, PSU insurers, railways, defence, banks, among others, entitled to pension under Defined Benefit Pension Scheme.