There is a piece of good news for some customers of the Life Insurance Corporation (LIC) as the non-bank lender Housing Finance has announced a mortgage product.
According to the latest decision taken by the LIC, the home loan EMIs (earnest monthly installments) will be waived for six months.
According to a statement issued by the LIC, the six EMI waiver will be offered against the 37th, 38th, 73rd, 74th, 121st, and 122nd EMIs when they become payable and adjusted against the outstanding principal.
Griha Varishtha is a scheme officially designed for employees or pensioners falling under the Defined Benefit Pension Scheme (DBPS). EMI exemptions have also been exempted by mortgage financiers in the past.
Under the home loan product, the age of the borrower can be up to 65 years at the time of application and the loan term is up to 80 years of age or up to a maximum of 30 years, whichever is earlier. The loan may be aimed at the purchase/construction of residential flats or houses and for the repair/expansion of existing properties, it said, adding products for retired or serving employees of PSU insurers, Central/State Government, Railways, Defense, Banks. The beneficiaries are entitled to pension under the defined benefit pension scheme.
Ms Kalinga