LIC Housing Finance Cuts Loan Interest To 6.6% On 30 Year Loan

• ByStartupStory     |    July 3, 2021

LIC Housing finance cuts loan interest to 6.6% on a 30 year loan and it comes as a huge relief to loan appliers amidst the financial crunch. The offer will be available until September 30 of 2021. New borrowers whose loans are sanctioned till August 31, 2021 will also be eligible for this offer only if their first disbursement is provided on or before September 30, 2021. The home loan interest rate is now at 6.66 % for loan value of up to Rs 50 lakh for individuals with a steady source of income. The rate of interest, offered, is directly linked to the credit numbers as reflected by CIBIL scores. LIC claims that this is the lowest rate they have dropped in 30 years. They have also clarified that customers do not need to visit LIC offices for checking on their loan approval updates, they can simply do that from their homes in the HomY app. 

“In the post pandemic world, the necessity and comfort of a personal space has driven many individuals to advance their home buying decision. Considering the impact of the pandemic, we wanted to offer an interest rate that would help in uplifting the overall sentiments and aid more individuals to fulfill their dream of owning their own house. We hope that the reduction in home loan interest will further boost customer confidence and help in early revival of the sector.” as said by LIC Housing Finance MD &CEO Y Viswanatha Gowd. Since the pandemic the sector of home sales have been suffering, people cannot afford to buy a new house at the moment. But this move from LIC was definitely welcomed by all, and it is being hoped that it would help in recovering the revenue earned through house sales.  

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