LIC Housing Finance (LIC HFL) has reduced its rates of interest for individual home loan borrowers with immediate effect, the company said in a media release.
The rate of interest for new customers having CIBIL score of 800 or more is 7.5% for any amount of loan. An additional reduction of 10 bps i.e. 7.40% will be offered if the customer assigns new/existing single premium term assurance policy with the sum assured equal to the loan amount to LIC HFL.
Siddhartha Mohanty, Managing Director & CEO of the company said, "We want to bring confidence back to the sector and will do our part in supporting the real estate industry and the economy."
The rate of interest is linked to the creditworthiness as reflected in CIBIL scores of the borrowers.
In February 2020, the company had said that they have identified 14 projects to be referred to the Alternative Investment Fund (AIF), set up by the government for last-mile funding.
Recently, Life Insurance Corporation had made it clear that there was no proposal to merge its subsidiary LIC Housing with any other entity.
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