LIC Housing Fin to waive off 6 EMIs under ‘Griha Varishtha’

LIC Housing Finance on Thursday announced that it will waive off six equated monthly instalments (EMIs) under home loan product ‘Griha Varishtha’. The company said the product caters to customers who are entitled to get pension under defined benefit pension scheme. The customers include retired or serving employees of public sector insurers, central and state government, railways, defence and banks, among others.

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 EMI waiver will be offered against the 37th, 38th, 73rd, 74th, 121st and 122nd EMIs when they become due, and adjusted against the outstanding principal, LIC Housing Finance said.

Under Griha Varishtha, a customer can apply for a home loan at a maximum age of 65 years. The loan tenure is fixed till attainment of 80 years of age or a maximum of up to 30 years, whichever is earlier. For higher loan eligibility, the applicant can also jointly apply with their earning children.

The lender is currently offering home loans starting at 6.9% for up to Rs 15 crore for customers having Cibil score of 700 and above.

LIC Housing Finance’s loan portfolio grew 13.3% to Rs 2.06 lakh crore during the December quarter (Q3FY21). The housing financier reported a 0.2% year-on-year growth in net profit to Rs 567.53 crore during the quarter. Total income was up 12.5% to Rs 4,996.45 crore.