LIC Housing Finance Limited slashes home loan rates to 6.66%

Mumbai: Mortgage financier LIC Housing Finance on Friday said it has reduced its interest rates to 6.66 per cent for home loans up to Rs 50 lakh.

The revised rates, valid till August 31, 2021, will be offered to new salaried individuals, a release said. The rate of interest will be linked to the borrower's creditworthiness, as reflected by their CIBIL scores, it said.

"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," its Managing Director and CEO Y ViswanathaGowd said in the release.

At 6.66 per cent, the housing finance company has offered its lowest ever rate of interest on housing loans with a maximum tenure of 30 years, the release said. One can apply for home loans through the lender's app – HomY and can get the approvals online. Customers can track their loan applications without visiting LIC HFL offices, the release said.