Comments
LIC Housing Finance has come up with a new home loan product ‘Griha Siddhi’ to match State Bank of India’s recent move to cut interest rate on homes loans in the affordable housing segment by up to 25 basis points.
Under Griha Siddhi, LICHFL has created a special segment for women borrowers for loans up to ₹25 lakh at an interest rate of 8.35 per cent per annum. For other borrowers, the interest rate will be 8.40 per cent.
For home loans up to ₹1 crore, the interest rate will be 8.50 per cent.
LICHFL, in a statement, said under Griha Siddhi, customised home loan will be offered for construction/purchase of house or flat and repairs/renovation to existing properties.
Loans will be offered for a maximum tenure of 30 years or retirement age in case of salaried employees, while for other borrowers the maximum term is up to 25 years.
Hitherto, under its affordable housing loan product, LICHFL was charging women 8.50 per cent interest and others 8.55 per cent for home loans in the ₹10-15 lakh bracket. On loans above ₹15 lakh and up to ₹20 lakh, the interest rates were 8.55 per cent and 8.60 per cent for women and other borrowers, respectively. On home loans above ₹20 lakh and up to ₹50 lakh, the housing finance company’s interest rates were 8.65 per cent and 8.70 per cent, respectively.
As part of its thrust on the affordable housing segment, State Bank of India recently reduced interest rate on home loans up to ₹30 lakh to 8.35 per cent from 8.60 per cent.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.