Joining industry peers, mortgage lender LIC Housing Finance joined raised home loan rate by 35 bps. The move, which comes a week after an increase by bigger rival HDFC by a similar quantum, entails that the minimum rate of interest will get revised to 8.65 per cent for the best-rated borrower. The loan that can be taken is up to the 90% of the surrender value. The rate of interest on the loan against your policy is 10.5% in a year. Here too the interest is compounded in every 6 months (half yearly). LIC Jeevan Rakshak: This is another one of the popular policies of LIC which offers loan to the policyholder against the policy. Verify all details in the sanction letter including loan amount, interest rate, and repayment tenure. Sign and submit the sanction letter to your lender. Prepare all the required documents for disbursal. Receive the disbursement letter and begin the loan repayment process. So, if your lender's MCLR or Prime Lending Rate goes down and the overall interest rate reduces, it won't be applicable until you pay this fee and make a conversion or switch. The charge may range from 0.25% to 3% of the balance amount, or the lender might fix a specific amount such as Rs.1,000+GST for LIC Housing Finance loans below Rs.75 lakh. The maximum loan amount depends on several eligibility criteria but can go up to Rs.15 crore. LIC HFL offers home construction loans with interest rates starting at 8.50% p.a. You can use this loan for construction of house on a property. Thus, applying to NBFCs for a Home Loan has a higher chance of the loan getting approved, than with banks. For instance, as of August 2022, the minimum CIBIL Score required to apply for a Home Loan with the Bank of India is 675; while LIC Housing Finance can give a Home Loan with a CIBIL score below 650 as well. After the recent merger of Dena Bank and Vijaya Bank with it, Bank of Baroda has emerged out as one of the top five public banks of India. Everybody wants to have lower interest rates on their home loan and ranging from 8.50% - 10.60% per annum, Bank of Baroda home loan interest rates suit many customers. The final rate of interest will be Loan Against Property. LIC Housing Finance Ltd. offers a loan against property up to Rs. 15 Crores to individuals at attractive interest rates starting from just 9.70% - 11.55% p.a. With extended mortgage tenure of up to 15 years of tenure, repay your LIC loan against property in affordable EMIs and fulfil all personal or business financial needs. .

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