LIC Housing Fin product to offer 0.25% discount to women

Insurance giant LIC’s home finance subsidiary LICHF launched a new loan product for women that  is offering a 0.25% discount on card rate.

The product, christened “Bhagyalakshmi”, will attract a 10% interest for the first two years, which is 0.25% lower than the company’s card rate, LIC Housing Finance (LICHF) said in a statement.

After the completion of the two-year-term, it will turn into a floating interest rate product, with the interest rate being linked to the company’s prime lending rate, the statement added.

Even after the migration to floating interest rate, the rate of interest will be 0.25% lower, it added.

The floating rate “will be set at 25 bps lower than the rates applicable for other floating category home loans,” it said.

One bps (basis point) is equal to 0.01%. The offer is valid till March 31 this year, it said.

http://www.business-standard.com/india/news/lic-housing-fin-product-to-offer-025-discount-to-women/201856/on