Mortgage lender LIC Housing Finance reduces its rates of interest for individual home loan borrowers and will charge 7.5% to new customers having CIBIL score of 800 for any amount of loan.

“An additional reduction of 10 bps i.e. 7.40% will be offered if the customer assigns new/existing single premium term assurance policy with the sum assured equal to the loan amount to LIC HFL,” the mortgage lender said.

The rate of interest is linked to the creditworthiness as reflected in CIBIL scores of the borrowers, LIC HF said. peaking on the occasion, Siddhartha Mohanty, MD & CEO of LIC Housing Finance Ltd, said, “We want to bring confidence back to the sector and will do our part in supporting the real estate industry and the economy. The present crisis has also forced businesses to adapt to factors like social distancing and prepare for a new normal by leveraging technology. LICHFL’s home loan app HomY, has equipped our marketing teams to onboard customers digitally and provide faster turn-around time in loan approvals as well as servicing without visiting our offices.

Country's largest mortgage lender HDFC which has reduced home loan rate by 15 bps a few days back, offers the lowest home loan rate of 7.85% for loans less than ₹30 lakh.