For new home loan buyers, mortgage lender LIC Housing Finance announced an all-time low-interest rate of 6.9 percent. Also, existing borrowers will be able to take advantage of this new interest rate to put in rate parity.
The interest rate for home loans up to Rs 50 lakh for borrowers with a CIBIL score of 700 and above starts at 6.9 percent. For a similar score, interest rates for loans above Rs 50 lakh are 7 percent higher.
Siddhartha Mohanty, MD & CEO of LIC Housing Finance, said: “Home loan interest rates are at an all-time low for the company resulting in low EMI payment, attractive price points, and affordable EMI would help address the demand side of home buying,” “There’s no shortage of liquidity what’s missing is the demand for consumption through this product we ‘re trying to establish that.”
The mortgage lender said it’s overall moratorium loans were below 25 percent, out of which 60 percent of the building finance book was under moratorium. Of its cumulative Rs, 13,000 crore construction book upwards of Rs 8000 crore of loans are under moratorium. More than 46,000 borrowers retailed the silver lining, and started paying their dues, Mohanty said.
“In the project finance section we are seeing tension, and we are trying to fix that. The borrowers are taking relief right now due to given moratorium, “he said.
The mortgage lender has also released a special ‘Griha Varishtha’ home loan plan for pensioners. The term is up to the age of 80 or a period of up to 30 years, depending on the earlier.
This specially crafted plan offers pension benefits for retired or working employees of PSU insurers, central and state government, defense, railways, banks, and others, under the Defined Benefit Pension Scheme. The borrower may also apply jointly with their earning children for higher eligibility for the loan.