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Information You Can Use:
Housing Loans

July 15, 2003 12:13 IST
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Group insurance for LIC housing loan borrowers

LIC Housing Finance Ltd will provide a group insurance cover, Grih Suraksha, to its housing loan borrowers.

The insurance cover will be available to borrowers on the payment of a low one-time premium (single premium). The insurance premium will depend on the current age of borrower, outstanding loan amount, term of loan and rate of interest of the loan.

Any borrower aged between 18 and 60 years is eligible for life insurance cover under this scheme up to the age of 65.

The insurance cover is to the extent of the loan outstanding as at the beginning of each year and the claim is payable on the death of the member.

No medical examination is required for outstanding loan up to Rs 10 lakh (Rs 1 million) and members aged up to 45 years. A satisfactory declaration of good health is sufficient.

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Syndicate bank lowers interest rate on housing loans
Syndicate Bank has lowered interest rate on SyndNivas, its housing loan scheme.

The revised interest rates on housing loans on floating rate and fixed rate schemes with repayment period up to five
years would be 8.25 per cent.

The revised interest rates on housing loans under fixed and floating rate schemes for different maturities and quantum
of loans are: 

  • Up to 5 years: Fixed rate: 8.25%. Floating rate: 8.25%;
  • Above 5 to 10 years: Fixed rate: 9%. Floating rate: 8.75%
  • Above 10 to 20 years: Up to Rs 10 lakh: fixed rate 9.25%. Floating rate 9%;
  • Over Rs 10 lakh: Fixed rate: 9.5%; Floating: 9.25. 

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