LIC Housing Finance today announced the launch of a new home loan product called 'Freedom”. This floating rate product is offered at the following rates of interest.
For loans upto Rs 30 lacs, it will charge an interest rate of 9.9%, for loans above Rs 30 lacs and less than Rs 75 lacs, it will charge 10.35% while home loans of Rs 75 lacs to Rs 150 lacs, will attract an interest rate of 10.75%.
The company’s current PLR stands at 13.75% and these rates at varying discounts to its PLR, LIC Housing Finance said in a statement.
In this product, customers are also provided with a one-time option within one year of obtaining the loan to convert to a fixed rate for the next 5 years, subject to terms and conditions, which have not been specified.
LIC Housing Finance Ltd is among the top three housing finance companies in India, with a network of 205 offices across the country and representative offices at Dubai & Kuwait. LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989.