Home Loan: Leave The Bank And Take Money From This Government Company, You Will Have To Pay Less Interest Rate

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Housing finance companies and banks often take a tough stand when it comes to home loan eligibility. There are a few key things that borrowers can do to increase their eligibility such as pay off all existing loans. 

Apart from this, there are many other things that can increase your home loan eligibility. 

But along with home loan eligibility, you should compare the interest rates of various banks and finance companies (especially home finance companies) to make sure you pay less interest. 

Here we will give you information about such a government company, from where you will get a home loan from banks at a low interest rate.

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LIC Housing Finance

We are talking about LIC Housing Finance, which is a subsidiary company of government and country’s largest insurance company LIC. LIC Housing Finance in September extended its minimum home loan rate for the festive season. 

Customers can avail home loans up to Rs 2 crore at low interest rates. The last date for its low interest rate home loan is now 30 November.

what is the interest rate

You can take a home loan of up to Rs 2 crore from LIC Housing Finance at an interest rate of 6.66%. In July this year, it had announced an interest rate of 6.66 per cent on home loans to new borrowers for amounts up to Rs 50 lakh. 

This offer of the company is available to all borrowers with CIBIL score of 700 and above. Whether they are salaried or self employed.

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Rs 2 crore limit

The company had announced an interest rate of 6.66 percent on home loans up to Rs 50 lakh with effect from July 1, 2021. Later the loan limit was increased to Rs 2 crore. 

Not only this, the company has waived its processing fee for a maximum of Rs 10,000 or 0.25 percent of the loan amount, whichever is less, on loans up to Rs 2 crore.

how much money can i get

If one applies for a home loan in LIC Housing Finance Limited, he can get a loan up to a maximum of 90 percent of the property. Keep in mind that up to 80 percent of the property loan can be availed if you apply for a loan amount ranging from Rs 30 lakh to Rs 75 lakh. 

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If the amount is more than Rs 75 lakh then you will get up to 75 percent of the property value.

In this way you will get loan easily

A co-applicant who is working (such as your spouse) enhances your home loan eligibility. In this case, the company or bank will consider the combined credit score. 

This can also be a good way to get more loan amount than you have. In this case the joint of two people will be considered, which will be more. 

If you can afford to pay a higher downpayment in the beginning, it can help you get a home loan easily.

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