If you have a Cibil score of at least 700, then you may be eligible to get a home loan at 6.9%. Mortgage financier LIC Housing Finance Ltd (LICHFL) said the rate of interest for home loans up to 50 lakh starts from 6.90% for borrowers with CIBIL score of 700 and above.

It said that this is an all-time low interest rate. However, if your home loan goes above 50 lakh, the interest also shoots up to 7%.

“Home loan interest rates are at an all-time low for the company and thereby resulting in low EMI payment. Attractive price points and affordable EMI will aid in addressing the demand side for buying homes,” LICHFL Managing Director and CEO Siddhartha Mohanty said.

In April, the home financier had cut its home loan rates to 7.5 per cent for new home buyers having a Cibil score of 800 and above.

Mohanty said there has been a softening of cost of funds after reduction in repo rates by RBI in recent months. The company’s cost of fund currently stands at around 5.6 per cent.

He said below 25 per cent of the company’s total book is under moratorium. Of its construction finance loan book of 13,000 crore, around 8,500-9,000 crore is under moratorium.

The housing finance company also launched a special home loan product, Griha Varishtha, for pensioners. The tenure is till attainment of 80 years of age or maximum up to 30 years, whichever is earlier.

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Source Google News