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LIC HFL cuts home loan rates by 0.25%

As Diwali festival is round the corner, housing finance company LIC Housing Finance Ltd (LICHFL) has reduced its home loan rates by 0.25 per cent to attract its customers. The company has announced this on Monday as the festival offer with effect from October 15, 2013.

“This is for a limited period up to November 30, 2013. Special rates of processing fees are also offered during the festive period,” said a company release on Monday.
The rate of interest for Bhagyalakshmi Plus, which is specially designed for women borrower as first property owner will be from 10.10 per cent onwards for the first fixed period of 2 years.

“An additional rebate of 0.25 per cent throughout the loan term is applicable after conversion to floating rate after the fixed period,” it said.

Super Choice scheme for general borrowers will carry interest rate from 10.35 per cent. In this scheme, the interest rate will be fixed for the first 2 years and converted to floating thereafter.

“The company also reduced interest rates by 0.25 per cent in its other schemes viz. New Fixed 10 starting from 11.25 per cent which is fixed for 10 years with choice given to borrowers to exercise conversion to floating at the end of 5 years. Sure Fixed which is pure fixed product offers interest rate at 12.25 per cent,” it added.