LIC Housing Finance gift to more than 700 CIBIL scorers

LIC Housing Finance (LICHF) Ltd, the lending company for the property, has cut home loan rates. This subsidiary branch of LIC said on Wednesday that it has reduced home loan rates to 6.90 per cent. This is the lowest home loan rate of LICHF so far. Under this, the company will provide loans up to Rs 50 lakh. However, the company has also clarified that its customers will be able to take advantage of it, whose CIBIL score will be 700 or more. Significantly, a customer’s CIBIL score depends on whether he has taken a loan before and if he has taken it, he has to pay it on time or not. While examining the CIBIL score, some other similar aspects are also taken into consideration.

 

According to LICHF, if customers of the same CIBIL score want to take a loan of more than Rs 50 lakh, then the interest rate for them will be seven per cent and above. The company's MD and CEO Siddharth Mohanty said that home loan interest rates are at the lowest level at the moment. This will also reduce the amount of Equated Monthly Installment (EMI) significantly.

 

The rates for flats worth buying are also low. In such a situation, an attempt is being made to increase demand through a reduction in interest rates. Earlier in April this year, LICHF reduced the interest rates for customers with more than 800 CIBIL scores to 7.5 per cent. The company has also launched a home loan product for senior citizens for a period up to a maximum of 30 years or till they reach the age of 80 years. Government insurance companies, central and state government employees, current and retired employees of railways, defense, banks and other sectors can avail this product.