LIC HFL reduces home loan rates by 0.25%

Housing finance company LIC Housing Finance (LIC HFL) today said it has reduced home loan rates by 0.25% with effect from October 15.

 

The new rates on home loans are applicable up to November 30. LIC HFL is also offering lower processing fee during the period, a company press release said.

 

"The rate of interest for Bhagyalakshmi Plus, designed for women borrower as first property owner, will be from 10.10% onwards for the first fixed period of two years," LIC HFL said in the release.

 

An additional rebate of 0.25% throughout the loan term is applicable after conversion to floating rate after the fixed period, the release said.

 

Super Choice scheme for general borrowers will carry interest rate from 10.35%. In this scheme, the interest rate will be fixed for the first 2 years and converted to floating thereafter, the release said.

 

LIC HFL also reduced interest rates by 0.25% in its other schemes like New Fixed 10 starting from 11.25% which is fixed for 10 years with choice given to borrowers to exercise conversion to floating at the end of 5 years.

 

Sure Fixed which is pure fixed product, offers interest rate at 12.25%, the release said.