The mortgage lender said this product caters to retired or serving employees of PSU insurers, central and state government, railways, defence, banks, among others, entitled to pension under Defined Benefit Pension Scheme
MUMBAI: LIC Housing Finance on Thursday announced the waiver of six equated monthly instalments (EMIs) under its special home loan product Griha Varishtha meant for salaried borrowers as well as pensioners covered under the Defined Benefit Pension Scheme (DBPS).
The waiver, it said, will be offered against the 37th, 38th, 73rd, 74th, 121st and 122nd EMIs when they become due, and adjusted against the outstanding principal.
The mortgage lender, in a statement, said this product caters to retired or serving employees of PSU insurers, central and state government, railways, defence, banks, among others, entitled to pension under Defined Benefit Pension Scheme.
"Griha Varishtha is a unique home loan product available in the market where the age at the time of application can be up to 65 years. The loan tenure is till the attainment of 80 years of age or maximum up to 30 years, whichever is earlier," it said.
Y. Viswanatha Gowd, chief executive of LIC Housing Finance said, “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 ₹3,000 crore. The six-EMI waiver is a loyalty benefit extended to the customer."
The company said it is currently offering home loans starting 6.9% for loans up to ₹15 crore to customers with Cibil score 700 and above.