LIC Housing Finance cuts rates on 30-year home loan to 6.7%

Mumbai: LIC Housing Finance has said that it will offer home loans of up to 30 years at 6.66% instead of 6.9% under an offer that will be valid up to September 30, 2021.

New borrowers whose loans are sanctioned till August 31, 2021 will be eligible for the special offer provided the first disbursement is availed on or before September 30. The home loan rates now start from 6.66% for loans up to Rs 50 lakh for salaried individuals. The rate of interest offered is linked to the borrower’s credit-worthiness, as reflected by their CIBIL scores. The company has claimed that this is the lowest rate on a 30-year home loan. Customers can track their loan applications without visiting LIC Housing Finance offices through the HomY app.

“In a 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 fulfil their dream of owning their own house. We hope that this reduction in home loan interest rate will further boost customer confidence and help in early revival of the sector,” said LIC Housing Finance MD & CEO, Y Viswanatha Gowd.


Lenders say that home sales have been brisk during the lockdown in the first quarter compared to the same period of the previous year.