LIC Housing Finance launches home loan product with EMI waivers — check benefits

By: |
March 25, 2021 10:32 PM

The scheme christened Griha Varishtha is designed for employees or pensioners covered under the Defined Benefit Pension Scheme (DBPS), as per an official statement.

LIC Housing Finance launches home loan product with EMI waivers — check benefitsEMI waivers have been given by mortgage financiers in the past as well.

Non-bank lender LIC Housing Finance on Thursday announced a mortgage product under which it will be waiving six earnest monthly instalments for older borrower over the course of a home loan.

The scheme christened Griha Varishtha is designed for employees or pensioners covered under the Defined Benefit Pension Scheme (DBPS), as per an official statement.

EMI waivers have been given by mortgage financiers in the past as well.

The six EMI waiver will be offered against the 37th, 38th, 73rd, 74th, 121st and 122nd EMIs when they become due and adjusted against the outstanding principal, as per the statement.

Under the home loan product, borrower age at the time of application can be up to 65 years and the loan tenure is till the attainment of 80 years of age or maximum up to 30 years, whichever is earlier, it said.

The purpose of loan can be for purchase/construction of residential flats or house and also for repairs/extension to the existing properties, it said, adding the product caters to retired or serving employees of PSU insurers, Central/State government, railways, defence, banks entitled to a pension under Defined Benefit Pension Scheme.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Q1 Performance: ICICI Bank net profit surges 78% to Rs 4,616 crore
2IndusInd Bank to raise up to Rs 30,000 cr via equity, debt
3Lower provisions lead ICICI Bank to post 52% jump in Q1 profit; retail asset stress increases