LIC Home Loan Of Dual Rate
Find the details regarding LIC home loan of dual rate scheme that can be availed at attractive and flexible loan terms to facilitate borrowers in all aspects. Explore more about this home loan scheme, features and so on.
There are several other financial institutions that are launching the housing finance schemes with dual rate of interest. And, in this trend, LIC housing finance has also joined hands to facilitate customers in every possible aspect. LIC housing finance has recently launched a new fixed-cum-floating interest rate home loan, which is also known as new advantage 5 coupled with flexible loan terms.
Under this specific new home loan scheme, you can avail finance and for first five years, your interest rate remains fixed and convert into floating rates in after years. The fixed home loan interest loan will be 11.15% and remain same for the first five years on loans up to Rs 3 million; 11.4% is applicable for the loans that are above Rs 3 million and less than Rs 7.5 million. The fixed rate of interest will be charged 11.65% for the loans of Rs 7.5 million and up to Rs 15 million. In after years, the prevailing rates of market will be applicable that may or may not be lesser than the present one.
These kind of financial solutions of fixed-cum-floating interest rate, are also termed as teaser home loan in India. Such kind of financial solutions have come under criticism from the reserve bank of India (RBI) that mentions that thee loan are not at all affordable for the home loan borrowers. However, the RBI has recently clarified that few leading financial institutions and housing finance companies are allowed to float teaser loans provided they should keep the additional provisions for such finance scheme.
If we consider positive side, then, you can keep your home loan interest rates fixed for the particular specified time period. But, later, the interest rate will be linked to bank’s base rates, which usually, do not go down. This specific LIC home loan can be availed with easy documentation and fast processing. You can apply online for this LIC housing finance with the help of online application form. This online loan application form can be found on the official website of the housing finance company.
With just few clicks, you can avail your finance under this financial solution. With this online application form, your loan will be processed out faster with less documentation formalities to be done. Not only this, your loan terms are quite flexible in order to facilitate you in all aspects. So, your experience in of purchasing a house should be hassle free. List Of home loan Providers
