MUMBAI: Housing finance company LIC Housing Finance (LIC HFL) today said it has reduced home loan rates by 0.25% with effect from October 15.
The new rates on home loans are applicable up to November 30. LIC HFL is also offering lower processing fee during the period, a company press release said.
"The rate of interest for Bhagyalakshmi Plus, designed for women borrower as first property owner, will be from 10.10% onwards for the first fixed period of two years," LIC HFL said in the release.
An additional rebate of 0.25% throughout the loan term is applicable after conversion to floating rate after the fixed period, the release said.
Super Choice scheme for general borrowers will carry interest rate from 10.35%. In this scheme, the interest rate will be fixed for the first 2 years and converted to floating thereafter, the release said.
LIC HFL also reduced interest rates by 0.25% in its other schemes like New Fixed 10 starting from 11.25% which is fixed for 10 years with choice given to borrowers to exercise conversion to floating at the end of 5 years.
Sure Fixed which is pure fixed product, offers interest rate at 12.25%, the release said.