LIC launches new product for women borrowers, home loans at 8.35%

After State Bank reduced low-cost home loans rates to 8.35%, now, housing finance company LIC Housing Finance on Wednesday announced launch of new product which will provide women borrowers loan of upto Rs 25 lakh at interest rate of 8.35% per annum. 

LIC Housing introduced a product called "Griha Siddhi" that will give customized home loan products that are offered for construction or purchase of house or flat and repairs or renovation to the existing properties. 

Under this product, the company has created a special segment for women borrowers for loans up to Rs 25 lakh at special interest rates of 8.35% p.a. For other borrowers, the interest rate will be charged at 8.40% up to Rs.25 lakh and for loans up to Rs.1 crore, the interest rate will be 8.50% p.a. 

The new rates will be effective from today. 

As per the company's statement, the loans under the whole "Griha Siddhi" product will be  offered for a maximum tenure of 30 years or retirement age in case of salaried employees and for other borrowers, the maximum term is up to 25 years.