LIC HFL cuts home loan rates to all-time low of 6.66%, check eligibility and application process

New Delhi: Life Insurance Corporation’s (LIC) mortgage financing arm LIC Housing Finance has slashed the interest rates on home loans to 6.66 per cent for homes worth up to Rs 50 lakh. 

"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 Viswanatha Gowd said in the release.

In a press release, LIC HFL noted that a 6.66 per cent interest rate on home loans is its lowest ever rate on housing loans with a maximum tenure of 30 years. 

How to get a LIC HFL home loan? 

You can apply for a LIC HFL home loan at a 6.66 per cent interest rate using the lender's mobile app HomY. One can get the approvals for home loans online on the app. 

Using the app, customers can also track their loan applications without visiting LIC HFL offices.  

Who are eligible for home loans at a 6.66 per cent interest rate? 

Salaried individuals who have not taken home loans yet are eligible to avail home loans at a 6.66 per cent interest rate, which is an all-time low. Also Read: 7th Pay Commission: Good news for central govt employees regarding children education allowance

The revised rates are valid till August 31, 2021. LIC HFL said that the rate of interest will be linked to the borrower's creditworthiness, as reflected by their CIBIL scores. Also Read: Facebook actioned 30 million content pieces during May 15-June 15

- With inputs from PTI.