LIC HFL now allows borrowers to take home loans worth up to Rs 2 crore at lowest 6.66% interest rate

New Delhi: Mortgage financier LIC Housing Finance (LIC HFL) on Thursday extended its lowest home loan rate of 6.66 per cent for home loans up to Rs 2 crore.

In July this year, it had announced to offer home loans at an interest rate of 6.66 per cent for an amount up to Rs 50 lakh to new borrowers.

The new offer announced on Thursday is available for all borrowers with CIBIL score of 700 and above, irrespective of their occupation i:e salaried or professional/self-employed, a release said. (Also Read: 7th Pay Commission: Central govt pensioners to get DA gratuity, cash payments) 

It is available for loans sanctioned from September 22 to November 30, 2021, provided the first disbursement is availed on or before December 31, 2021, it said.

The home financier's Managing Director and CEO Y Viswanatha Gowd said the lender has been an early mover in offering 6.66 per cent on home loans up to Rs 50 lakh from July 1, 2021 and now it has extended the same rate for loans up to Rs 2 crore.

"By segmenting borrowers with CIBIL score of 700 and more for special rates irrespective of category of employment, LIC HFL aims to cater to a larger base of borrowers. This move is in tune with the demand for larger spaces and affordability. We also see a good traction of home loans in this ticket range," Gowd said.

The lender has also discounted its processing fee to a maximum of Rs 10,000 or 0.25 per cent of the loan amount, whichever is lower for loans up to Rs 2 crore.

The lowest rate of 6.66 percent is available across all home loan products including Griha Varishtha special scheme for borrowers covered under defined pension benefit scheme which includes waiver of six EMIs, the release said. (Also Read: Nifty, Sensex open higher as metal, banking stocks gain)

The HomY app launched by the lender, facilitates applying for home loans digitally and getting approvals online, it said.

Earlier this week, Housing Development Finance Corporation (HDFC Ltd) had announced a festive home loan offer for new customers starting at 6.70 per cent for a limited period.