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LIC HFL unveils 2 new home loan schemes

Housing finance major LIC Housing Finance Ltd launched two new home loan schemes–‘Bhagyalakshmi Plus’ and ‘New Fixed 10’. Under ‘Bhagyalakshmi Plus’ is available for women borrowers who are sole owner or first owner of the property, the rate of interest will be fixed for the first two years at 10.35 per cent for loans up to Rs75 lakh and floating rate thereafter. Under this scheme, borrowers will get a discount of 0.25 per cent throughout her loan term on conversion to floating rates.

However, under ‘New Fixed 10’, it comes with fixed interest rates for 10 years out of which the first 5 years will carry a rate of 11.50 per cent for loans up to Rs75 lakh.

Customers will be offered the flexibility to exercise an option after 5 years to convert their loan into floating rates prevalent at that time.

Under the existing Super Choice scheme, the company offers fixed interest of 10.60 per cent for the first two years and floating thereafter. For borrowers who opt for fixed rate of interest throughout the loan term, the firm offers loans at 12.50 per cent under its Sure Fixed scheme.

The above schemes are available for limited period.  The effective interest rates reflect increase between 35 and 75 basis points across the above schemes.