LIC Housing Finance has sanctioned over Rs 1,000 crore loans to pensioners and those nearing retirement from pensionable jobs since its launch a little over two months ago. The company has launched a new loan product called Griha Varishta, which focused on pensioners and those holding pensionable jobs and are nearing retirement over two months back. It offers loan under this product to senior citizens who can repay till they reach 80.
The Griha Varishta also has another feature: If the loan is taken for a house that is ready-to-move-in then the borrower gets six equated-monthly installments (EMIs) waived off. Another feature is that if the loan is taken for an under-construction house or flat, the pre-EMI interest is charged only for the first 48 months.
LIC Housing Finance is one of the largest Housing Finance Company in India. The main objective of the company is providing long term finance to individuals for purchase or construction of house or flat for residential purpose / repair and renovation of existing flat / houses.