LIC Housing Finance Introduces 3 years "Fix-o-Floaty" rate loans
Cuts Interest Rates for new customers
Announcement / Banking Jul 02, 2009, 20:17 IST
LIC Housing Finance has introduced a new product – a 3year “Fix-o-Floaty” scheme w.e.f 2nd July, 2009 which offers flexibility to customers as well as protection against the volatilities of interest rate movement. Under this scheme the borrowers will pay a Fixed interest rate of 8.9% for loans upto Rs. 75 lacs & 9.5% for loans above Rs. 75 lacs for a period of 3 years; and therafter a Floating rate prevailing at the end of 3 years. At any time during the 3-year initial period the customer has a choice of shifting to the floating interest rate without any additional charges.
For Home Loan borrowers preferring Floating rates ab-initio the Special Offer Rates for new customers for loans upto Rs. 75 lacs will be 8.50%, as against 8.75% to 9.75% earlier. For loans above Rs. 75 lacs, the rates will be 9.50% as against 10.25% earlier.
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