LIC housing finance (LICHF) cut the minimum home loan rate from 6.90% to 6.66%, indicating his intention to enter the battle for market share based on low rates.
This limited-time offer is applicable to loans authorized before August 31, 2021, provided that the first disbursement takes place before September 30, 2021. This interest rate is available for tenure periods of up to 30 years. It will apply to loan amounts of up to 50 lakhs offered to hired individuals.
However, LICHF rates are not the lowest on the market. The lowest rate of 6.65% is offered by Punjab and Sind Bank and Kotak Mahindra Bank.
Borrowers should take into account that such low loan rates are not available to everyone. They are usually only issued to clients with a high credit rating of 800 and above. So, check your credit score before applying. If it is lower, your application may be rejected or the loan may be approved at a higher rate.
Salaried workers generally receive a higher rate than self-employed professionals and businessmen. If you are asking for a higher loan-to-value (LTV) ratio, then again you may have to pay a higher rate. Customers who don’t buy insurance from a lender may also not get the best rates.
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