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LIC Housing Finance competes for mortgage interest deduction with interest rate cut

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LIC Housing Finance competes for mortgage interest deduction with interest
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LIC Housing Financing (LICHF) has lowered its minimum mortgage rate from 6.90 percent to 6.66 percent, indicating it plans to join the battle for market share based on low rates.

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This is a limited period offer applicable to loans sanctioned until August 31, 2021, provided the first payout is made before September 30, 2021. This interest rate is available for maturities up to 30 years. It applies to loan amounts up to Rs 50 lakh offered to salaried workers.

However, ICHF’s rates are not the lowest in the market. The lowest rate of 6.65 percent is offered by Punjab and Sind Bank and Kotak Mahindra Bank.

Borrowers should be aware that these low loan rates are not available to everyone. Usually they are only given to customers with high credit scores of 800 and above. So check your credit score before you sign up. If it is lower, your application may be rejected or the loan may be approved at a higher rate.

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Paid employees generally get a better rate than the self-employed and businessmen. If you also ask for a higher loan-to-value (LTV) ratio, you may have to pay a higher rate. Customers who don’t buy insurance from the lender may not get the best rates either.

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The post LIC Housing Finance competes for mortgage interest deduction with interest rate cut appeared first on Notesradar.

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