Good news for homebuyers! LIC Housing Finance slashes home loan interest rate by 60 bps; Are you eligible?

LIC Housing Finance Limited or LIC HFL has slashed home loan interest rate by 60 bps for those home loan applicants who have a better credit score. In a bid to reward those LIC HFL home loan applicants who have a credit score of 800 or above, the LIC Housing Finance is offering loan rate discount to the tune of of 60 bps. Such home loan applicants can get their home loan approved at 7.5 per cent interest rate instead of 8.1 per cent.

Such home loan applicants are eligible to apply for any amount of loan, provided they are eligible. The LIC HFL home loan applicant can further get 10 bps home loan interest rate discount if he or she assigns new or existing single premium term assurance policy with the sum assured equal to the loan amount to LIC HFL.

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While incepting these LIC HFL home loan discount offers, the LIC Housing Finance Limited officials said that the move aims to bring back confidence in the sector by rewarding the home loan applicants who have good bank records. They said that real estate growth for few years has been sluggish and post-Coronavirus spread it is further expected to feel the heat. the LIC HFL officials said that they are doing their part to bring the real estate sector back on its track.

The LIC HLF home loan interest rate is linked to borrowers' creditworthiness as reflected in their CIBIL scores, the housing finance company said in a press statement while informing about the decision. It said that such a move will bring ideal home loan applicants whom the housing finance companies will welcome with open hands because they won't lead to any kind of loan default.