Owning a home is a dream every person wants to fulfill. And if you have been planning to buy your home, now is the time. Thanks to LIC, people can turn this dream into reality even in the times of COVID-19. The company’s housing finance arm is offering the lowest ever interest rates on home loans.

Recently, LIC Housing Finance has announced a 6.9% rate of interest on new home loans. People who have a CIBIL score of 700 or more can get home loans of up to Rs 60 lakhs at a 6.9% interest rate. In addition, for the same CIBIL score, the rate of interest is 7% onwards for loans above Rs. 50 lakh.

Talking about it, Siddhartha Mohanty, MD & CEO, LIC Housing Finance, said, “Home loan interest rates are at an all-time low for the company, thereby resulting in low EMI payment. Attractive price points and affordable EMIs will aid in addressing the demand side for buying homes.”

He also added that through this product, the company is trying to create demand in the market. He said, “There is no dearth of liquidity what is lacking is consumption demand through this product we are trying to create that.”

Griha Varishtha: Another Surprise

It is not just the low-interest rates but another special surprise that is ready to charm the people. LIC Housing Finance is launching a special home loan product for pensioners - Griha Varishtha.

The home loan product will cater to retired or serving employees of government, PSU insurers, defense, banks, and railways who are entitled to a pension under Defined Benefit Pension Scheme.

As far as the tenure of this product is concerned, it is either till the attainment of 80 years or maximum up to 30 years, whichever comes earlier.

The Bottomline

In the midst of the Covid-19 pandemic, many banks are reducing the interest rate two to three times. The State Bank of India, the largest bank in India, has also reduced the interest rate by 6.95-7.0 percent on home loans up to Rs 30 lakh. This is giving a ray of hope to those who were planning to buy a home.

If you wish to know more about the LIC home loans, click here.

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