OREANDA-NEWS. May 10, 2011. LIC Housing Finance today announced the launch of a new home loan product “Freedom”. This floating rate product is offered at the following rates of interest:-

            For loans upto Rs 30 lacs:                                             LHPLR minus 385 basis points

            Loans above Rs 30 lacs & less than Rs 75 lacs:       LHPLR minus 340 basis points

            Loans of Rs 75 lacs upto Rs 150 lacs:                         LHPLR minus 300 basis points

The Company’s current LHPLR stands at 13.75%

In this product, customers are also provided with a one-time option within one year of obtaining the loan to convert to a fixed rate for the next 5 years, subject to terms & conditions.

The Company also announced withdrawal of the Advantage-5 product, which was launched in July 2010.

LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of 205 offices across the country and representative offices at Dubai & Kuwait. In addition, the Company also distributes its products through branches of its subsidiary LICHFL Financial Services Ltd. LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994.  It launched its maiden GDR offering in 2004. The company enjoys the highest rating from CRISIL & CARE indicating highest safety with regard to the ability to service interest and repay principal.