The statement said that exemption on payment of monthly installment will be available at the time of payment of 37th 38th 73rd 74th 121st and 122nd installment. This installment will be adjusted against the outstanding principal amount. The home loan company has also exempted EMIs in the past.
New Delhi Non-banking lender LIC Housing Finance has introduced a new home loan product. The scheme has been named Home Senior. Under this, the elderly borrowers will be given a discount of six monthly installments (EMI) during the term of the loan. The benefit of this scheme will be given to the employees and pensioners falling under the defined benefit pension scheme (DBPS).
The statement said that exemption on payment of monthly installment will be available at the time of payment of 37th, 38th, 73rd, 74th, 121st and 122nd installment. This installment will be adjusted against the outstanding principal amount. The home loan company has also exempted EMIs in the past. According to the statement, the person taking the loan under this scheme should be up to 65 years of age. The term of the loan will be up to the age of 80 years or maximum 30 years, whichever is earlier.
There is an additional benefit offered under the EMI exemption scheme. The loan can also be used to buy an apartment or build a house, or to repair or expand an existing property. Borrowers who complete the Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme are eligible for interest subsidy up to Rs 2.67 lakh.
LIC Housing Finance CEO Y, Vishwanath Gaur said that Griha Sr. has progressed well since its launch in July 2020 due to its unique features. The company has disbursed around 15,000 loans amounting to Rs 3,000 crore. In this, customers will get six-EMI discount.
