Amidst the 2.0 nationwide lockdown, the government has come up with many initiatives to decrease the plight of sufferers and the increasing the welfare of the public. However, many good and positive news is also coming amid this gloomy period of lockdown. Recently, Life Insurance Corporation of India (LIC) has decided to give a home loan at the cheapest interest to its customers and Indian citizens amid lockdown.
Home loan at 7.40%
LIC has decided to offer a very cheap home loan to the customers. According to LIC Housing Finance, if your CIBIL score is 800 or more, then you can get a home loan at an interest rate of only 7.5%. Not only this, if you have a single premium term insurance policy of LIC, then you can get a loan at the rate of 10 bps i.e. 7.40 per cent.
HDFC Bank also reduced the Interest Rate
On the other hand, leading bank HDFC has also reduced its interest rate. Some time back HDFC Bank also cut interest rate by 0.20 per cent in the beginning of this month. The bank has reduced the Marginal Cost of Fund Based Lending Rate (MCLR) to 7.60 per cent on one day loan. At the same time, the bank has fixed 7.95 per cent MCLR for one year. At the same time, the bank is charging interest at the rate of 8.15 per cent on the three-year MCLR.
SBI also leads in Home Loan
State Bank of India (SBI) also cut interest rates in the first week of April. SBI had cut MCLR by 0.35 per cent for various periods. The MCLR has been reduced from 7.75 per cent annually to 7.40 per cent for a period of one year.
