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.