With the introduction of base rate system for loans change in market home loan market is expected. Anticipating the change in home loan market LIC Housing Finance Ltd. has announced three different products offering various options to the customers.
1. Floating Rate: New home loan borrowers who prefer Floating rates ab-initio for them the company is offering special rates of 8.75% for loans up to Rs 1.50 crore. Before this special rates were offered at 9.75% for loans above Rs 75 lakhs up to Rs 1.50 crores.
2. New Fix-O-Floaty: Home loan borrowers who want to go for short term fixed rate, company is offering the new Fix-O-Floaty loans at competitive rate of 8.90% for loans up to Rs 1.50 crores. Up to 31.03.2012 fixed rate will be offered and thereafter the rate will be floating. Earlier the rate of interest offered for loans above Rs 75 lakhs up to Rs 1.50crores was 9.90%.
3. Advantage 5: In today’s scenario it is not possible to predict the movement of interest and many borrowers might opt for fixed lending rate for a considerable long period. To meet the borrowers need LICHFL has introduced a unique product called ‘Advantage 5’ under which the lending rates are fixed at 9.25% for 5 years and thereafter on floating basis.
The new rates will be effective from 1st July 2010.
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2 comments:
New Fix-O-Floaty is good plan for the loan appliers and as I read LIC Housing Finance is providing excellent facilities to the customers.
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