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LIC Housing Finance (LIC HFL) on Thursday extended its lowest home loan rate of 6.66% for the festive season. Customers can avail themselves of home loans for up to 2 crore.

In July this year, it had announced to offer home loans at an interest rate of 6.66% for an amount up to 50 lakh to new borrowers.

The new offer announced on Thursday is available for all borrowers with CIBIL score of 700 and above, irrespective of their occupation i:e salaried or professional/self-employed, a release said.

It is available for loans sanctioned from September 22 to November 30, 2021, provided the first disbursement is availed on or before December 31, 2021, it said.

The home financier's Managing Director and CEO Y Viswanatha Gowd said the lender has been an early mover in offering 6.66 per cent on home loans up to 50 lakh from July 1, 2021 and now it has extended the same rate for loans up to 2 crore.

"By segmenting borrowers with CIBIL score of 700 and more for special rates irrespective of category of employment, LIC HFL aims to cater to a larger base of borrowers. This move is in tune with the demand for larger spaces and affordability. We also see a good traction of home loans in this ticket range," Gowd said.

The lender has also discounted its processing fee to a maximum of 10,000 or 0.25 per cent of the loan amount, whichever is lower for loans up to 2 crore.

The lowest rate of 6.66 per cent is available across all home loan products including Griha Varishtha special scheme for borrowers covered under defined pension benefit scheme which includes waiver of six EMIs, the release said.

The HomY app launched by the lender, facilitates applying for home loans digitally and getting approvals online, it said.

Earlier this week, Housing Development Finance Corporation (HDFC Ltd) had announced a festive home loan offer for new customers starting at 6.70 per cent for a limited period. Bank of Baroda (BoB) had earlier announced loan offers amid the festive season, under which, it has waived off home and car loan rates.

As per the revised rates, the lender is offering waiver of @0.25% in the existing applicable rates for home and car loans. In addition to that, the bank is also offering waiver of processing fee in home loans. Now, home loan rates will start at 6.75% and car loan rates start at 7.00%.

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