Lic mortgage loan interest rate 2019 -
LIC Housing Finance
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i) Children´s Education / Marriage
ii) Children´s Education / Marriage
iii) Purchase of another Property.
iv) Business Expansion.
2. Demand Promissory Note.
LIC Housing Finance slashes home loan rate to all-time low of 6.9%
LIC Housing Finance
introduced an all-time low interest rate rate of 6.9% for new home loanborrowers. To bring in rate parity even current borrowerswill be able to enjoy this new rate of interest.The interest rate for home loans up to Rs 50 lakh starts from 6.9% for borrowers with CIBIL score of 700 and above. For a similar score, the rate of interest is 7% onwards for loan above Rs 50 lakh.
“Home loan interest rates are at an all-time low for the company thereby resulting in low EMI payment, attractive price points and affordable EMI will aid in addressing the demand side for buying homes,” said Siddhartha Mohanty, MD & CEO of LIC Housing Finance. “There is no dearth of liquidity what is lacking is consumption demand through this product we are trying to create that.”
The mortgage lender said it’s total loans under moratorium was below 25%, out of which 60% of the construction finance book was under moratorium. From its total construction book of Rs 13,000 crore, upwards of Rs 8000 crore of loans are under moratorium. The silver lining is more than 46,000 borrowers largely retail, have started paying their dues, Mohanty said.
“We are seeing stress in the project finance segment and we are looking to address that. Right now the borrowers are taking relief due to moratorium provided,” he said.
The mortgage lender also launched a special home loan product ‘Griha Varishtha’ for pensioners. The tenure is till the attainment of 80 years of age or maximum up to 30 years, whichever is earlier.
This specially designed product caters to retired or serving employees of PSU insurers, central and state government, railways, defence, banks among others, entitled to pension under Defined Benefit Pension Scheme. For higher loan eligibility, the applicant can also jointly apply with their earning children.
( Originally published on Jul 22, 2020 )
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Best Interest Rate for LIC Housing Finance Loan Against Property
1. Application form duly filled with photographs of directors.
2. Age Proof of Directors - PAN Card, Aadhar Card, passport.
3. Residence Proof of Directors - Utility Bills/ Passport/Bank statement/ Registered rent agreement.
4. PAN Card of Company.
5. Education Qualification - A professional qualification certificate in case of Doctors/CA/Architects.
6. Proof of Business - Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax Certificate.
7. MOA, AOA, List Of Directors, Share Holding Pattern of the Company.
8. Last 3 years IT returns with Profit and Loss account and balance sheet duly audited by CA.
9. Latest 12 months bank statement of Company of all current accounts and the same for Director’s Savings Bank Account.
10. Existing Loans’ sanction letter with repayment track of company and Individual Directors.
11. Business Profile on the Letter Head of the Company.
12. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.
13. Cheque of Processing Fee.
Public Deposit Scheme
Interest rates effective from 01/04/2021 on Public Deposits upto ₹ 20 CRORES
| TERM | INTEREST RATE P.A. FOR MONTHLY OPTION | INTEREST RATE P.A. FOR YEARLY OPTION | ON MATURITY UNDER CUMULATIVE SCHEME |
|---|---|---|---|
| Non-Cumulative Deposits | Cumulative & Non-Cumulative Deposits | ₹ 20,000/- will Become | |
| 1 YEAR | 5.10% | 5.25% | ₹ 21,050/- |
| 18 MONTHS | 5.35% | 5.50% | ₹ 21,680/- |
| 2 YEARS | 5.50% | 5.65% | ₹ 22,324/- |
| 3 YEARS | 5.60% | 5.75% | ₹ 23,652/- |
| 5 YEARS | 5.60% | 5.75% | ₹ 26,450/- |
| Other Details : | Monthly Option | Yearly Option |
|---|---|---|
| Minimum Amount of Deposit | ₹ 2,00,000/- | ₹ 20,000/- |
| Additional Deposit in multiples of | ₹ 10,000/- | ₹ 1,000/- |
| Interest will be paid on Non-Cumulative Scheme | 1st day of the Month & on 31st March for the month of March | On 31st March. |
| Interest will be compounded | -- | Annually on Cumulative Deposits |
Senior Citizens : Additional interest @ 0.25% p.a. (for deposits of ₹ 20,000/- & above but upto ₹ 20 Crores) on all tenors.
Interest rates effective from 01/04/2020 on Public Deposits above ₹ 20 CRORES
| TERM | INTEREST RATE P.A. FOR MONTHLY OPTION | INTEREST RATE P.A. FOR YEARLY OPTION | ON MATURITY UNDER CUMULATIVE SCHEME |
|---|---|---|---|
| Non Cumulative Deposits | Cumulative & Non Cumulative Deposits | ₹ 200001000/- will become | |
| 1 YEAR | 4.50% | 4.60% | ₹ 20,92,01,046/- |
| 18 MONTHS | 4.75% | 4.85% | ₹ 21,47,86,299/- |
| 2 YEARS | 4.90% | 5.00% | ₹ 22,05,01,103/- |
| 3 YEARS | 5.00% | 5.10% | ₹ 23,21,88,291/- |
| 5 YEARS | 5.00% | 5.10% | ₹ 25,64,75,419/- |
Interest rates are subject to change and rate applicable will be the rate prevalent on the date of credit of cheque/Transfer in company's Bank Account.
Corporate Deposit Scheme
Interest rates effective from 01/04/2021 on Corporate Deposits upto ₹ 20 CRORES*
| TERM | INTEREST RATE P.A. FOR YEARLY OPTION | ON MATURITY UNDER CUMULATIVE SCHEME |
|---|---|---|
| Cumulative & Non Cumulative Deposits | ₹ 20000/-will become | |
| 1 YEAR | 5.25% | ₹ 21,050/- |
| 18 MONTHS | 5.50% | ₹ 21,680/- |
| 2 YEARS | 5.65% | ₹ 22,324/- |
| 3 YEARS | 5.75% | ₹ 23,652/- |
| 5 YEARS | 5.75% | ₹ 26,450/- |
*FOR RATE OF INTEREST ON DEPOSITS OF ABOVE ₹ 20 CRORES: PLEASE CONTACT OUR CORPORATE OFFICE.
Under Non-Cumulative Deposit Scheme, Interest will be payable on 31st March & under Cumulative Deposit Scheme, interest will be compounded annually.
If the total Deposits received from single deposit holder/s within a period of one calendar month exceeds ₹ 20 Crores it shall be treated as single deposit and the interest rate shall be the rate applicable for deposits exceeding ₹ 20 Crores.
Apply Housing Loan Online, Low EMI Starts ₹639 per lakh*
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