LIC, among other advantages, provides competitive interest rates and a high rate of return on investment. The duration of LIC Housing Finance FDs ranges from 36 months to 60 months, with a maximum rate of interest of 5.75 percent. Senior interest rates are higher than average, ranging up to 6.00 percent.
The user can transfer their existing home loan to LIC Housing Finance Limited at a lower interest rate of 8.50% - 10.75% without paying any processing fee for loans upto INR 50 lakh. Plus, a 50% waiver of processing fee will apply for loans between INR 50 Lakh and INR 5 Crore.
Cibil Score at the time of rewriting. Rate of Interest (Linked to LHPLR) 700 & above. 9.45%. 600 to 699. 10.10%. Below 600. 10.20%. Note: Rate of Interest will be applicable as per Maximum. score of the applicant/s on the date of rewriting.
The benchmark prime lending rate is used in the pricing of home loans. The revised interest rates on house loans, with effect from June 20, 2022, will now begin at 7.50 percent, stated LIC Housing Finance in a statement. For applicants with a credit score of 700 or higher, the new interest rates on house loans begin at 7.50 percent.
LIC Housing Finance charges minimal processing fees on home loans. The processing fee is non-refundable, and it is not included in the home loan amount. Maximum processing fees are up to 0.50%. For example, if the home loan amount is Rs 20 lakh, you will have to pay Rs 10,000 as processing fees, Which is 0.50% of Rs 20 lakh.
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