LIC Housing Finance on Thursday announced that it will waive off six equated month-to-month instalments (EMIs) below property loan solution ‘Griha Varishtha’. The firm stated the solution caters to clients who are entitled to get pension below defined advantage pension scheme. The clients involve retired or serving personnel of public sector insurers, central and state government, railways, defence and banks, amongst other folks.
Y Viswanatha Gowd, MD and CEO, stated: “Griha Varishtha, because of its unique features, has picked up well since its launch in July 2020. The company has disbursed close to 15,000 loans amounting to Rs 3,000 crore.” The six-EMI waiver is a loyalty advantage extended to the client, he stated.
The EMI waiver will be supplied against the 37th, 38th, 73rd, 74th, 121st and 122nd EMIs when they develop into due, and adjusted against the outstanding principal, LIC Housing Finance stated.
Under Griha Varishtha, a client can apply for a property loan at a maximum age of 65 years. The loan tenure is fixed till attainment of 80 years of age or a maximum of up to 30 years, whichever is earlier. For greater loan eligibility, the applicant can also jointly apply with their earning young children.
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The lender is at present supplying property loans beginning at 6.9% for up to Rs 15 crore for clients possessing Civil score of 700 and above.
LIC Housing Finance’s loan portfolio grew 13.3% to Rs 2.06 lakh crore through the December quarter (Q3FY21). The housing financier reported a .2% year-on-year development in net profit to Rs 567.53 crore through the quarter. Total earnings was up 12.5% to Rs 4,996.45 crore.