LIC Will Waive Off 6 EMIs For Home Loans; Are You Eligible? Find Right Here!

LIC Housing Finance on Thursday announced the waiver of six equated monthly instalments (EMIs) under its special home loan product Griha Varishtha. It is mainly for salaried borrowers as well as pensioners covered under the Defined Benefit Pension Scheme (DBPS). 

Griha Varishtha

A customer may apply for a home loan under Griha Varishtha at the age of 65. The loan period is set until the applicant hits the age of 80 or for 30 years, whichever comes first. The borrower may also apply jointly with their earning children for higher loan eligibility.

For customers with a Cibil score of 700 or higher, the lender is currently providing home loans starting at 6.9% for up to Rs 15 crore.

The mortgage lender, in a statement, said this product caters to retired or serving employees of PSU insurers, central and state government, railways, defence, banks, among others, entitled to a pension under the Defined Benefit Pension Scheme.

“Griha Varishtha is a unique home loan product available in the market where the age at the time of application can be up to 65 years. The loan tenure is till the attainment of 80 years of age or maximum up to 30 years, whichever is earlier,” it said.

The waiver will be applied to the 37th, 38th, 73rd, 74th, 121st, and 122nd EMIs as they become due, and will be deducted from the outstanding principal.

Unique Features Of Griha Varishtha

India’s second-largest standalone housing finance company targets the senior citizens for growing the home loan portfolio. Regardless of property possession, the partner must be a joint borrower under the terms of the home loan product.

Children can be co-applicant in the loan and their income can be added for allowing longer-term and higher eligibility amount.

Earlier in 2020 Siddhartha Mohanty, MD and CEO said “We are getting a huge response for this product (Griha Varishtha) from senior citizens across the country.

“We disbursed more than Rs 1,000 crore since the product was launched in August,” he added.

Y Viswanatha Gowd, MD and CEO, said: “Griha Varishtha, because of its unique features, has picked up well since its launch in July 2020. The company has disbursed close to 15,000 loans amounting to Rs 3,000 crore.” The six-EMI waiver is a loyalty benefit extended to the customer, he said.

The company said it is currently offering home loans starting 6.9% for loans up to Rs15 crore to customers with a Cibil score of 700 and above.