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LIC Housing Finance extends lowest holiday home loan offer

LIC Housing Finance (LIC HFL) extended its holiday season low of 6.66% on Thursday. Customers can benefit from home loans up to 2 crores.

In July this year, it announced that it was offering home loans at an interest rate of 6.66% for an amount of up to 50 lakh to new borrowers.

The new offer announced on Thursday is available to all borrowers with a CIBIL score of 700 and above, regardless of their profession, i.e. salaried or professional/self-employed, according to a statement.

It is available for sanctioned loans from September 22 to November 30, 2021, provided the first disbursement is made no later than December 31, 2021, he said.

The house financier’s managing director and CEO, Y Viswanatha Gowd, said the lender had been one of the first to offer 6.66 per cent on home loans up to 50 lakh from July 1, 2021 and now it has extended the same rate for loans up to 2 crores.

“By segmenting borrowers with a CIBIL score of 700 and above for special rates regardless of job category, LIC HFL aims to cater to a larger base of borrowers. This decision is in line with the demand for larger spaces and affordability. We’re also seeing good home loan traction in this ticket range,” Gowd said.

The lender has also reduced its processing fees to a maximum of 10,000 or 0.25% of loan amount, whichever is less for loans up to 2 crores.

The lowest rate of 6.66% is available for all home loan products, including the special Griha Varishtha scheme for borrowers covered by a defined benefit pension scheme which includes the waiver of six EMIs, according to the release. .

The HomY app launched by the lender makes it easier to apply for home loans digitally and get approvals online, he said.

Earlier this week, Housing Development Finance Corporation (HDFC Ltd) announced a festive home loan offer for new customers starting at 6.70% for a limited period. Bank of Baroda (BoB) had earlier announced loan deals in the middle of the holiday season, under which it waived mortgage and car loan rates.

Consistent with the revised rates, the lender is offering a waiver of @0.25% on existing applicable rates for home and auto loans. In addition to this, the bank also offers a waiver of home loan processing fees. From now on, home loan rates will start at 6.75% and car loan rates at 7.00%.

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