LIC Housing Finance Ltd (LICHFL) has introduced a home loan scheme “2020 Home Loan Offer”. The scheme will provide relief to the borrowers from the payment of equated monthly instalments (EMI). Home loan schemes that offer EMI waiver are long-term ones. The one who may not be able to pre-pay their loans can opt for such schemes.
Here are the details you must be aware before applying for 2020 Home Loan Offer Scheme:-
About 2020 Home Loan Offer Scheme
Eligibility: A borrower is eligible to get waived up to six EMIs during the loan tenure. Two EMIs each at the end of fifth, 10th and 15th years will be waived. Therefore, after paying EMIs for 10 years straight, your subsequent six months’ EMIs are waived off. Upon completion of 15 years, another six months’ EMIs are waived off.
Rate of interest: The LICHF scheme offers the rate of interest 8.10 per cent onwards depending on the borrower’s risk profile, credit score, etc.
Conditions for availing EMI wavier:
- The borrower should be regular in making repayments.
- No pre-payment shall be made for the first five years.
- The scheme will be applicable only to ready-to-move-in houses/flats and where the occupation certificate is obtained.
- The maximum tenure of this loan is 30 years
- The maximum loan amount is Rs 5 crore.
- This offer is available for a short period, i.e., till February 29 and the disbursement has to take place before March 15.
Axis Bank’s Shubh Aarambh Home Loan Scheme
Axis Bank’s Shubh Aarambh Home Loan Scheme is also a similar scheme like 2020 Home Loan Offer Scheme but the scheme is targeting affordable housing borrowers.
Rate of interest: The rate of interest for Axis Bank home loan schemes are 8.55 per cent to 9.20 per cent per annum in floating rate schemes and 12 per cent in fixed-rate schemes, for salaried individuals. For self-employed borrowers, the interest rates are higher i.e. 8.65 per cent to 9.40 per cent.
Conditions of this scheme are as follows:
- This scheme waives off your four EMIs at the end of fourth, eighth and 12th years, respectively. Therefore, a total of 12 EMIs will be waived off by each of the two Axis home loan schemes.
- The maximum loan amount should be of Rs 30 lakh.
- The home loan can also be used to purchase an under-construction, a resale or ready-move-in property.
- The minimum home loan tenure is 20 years at the time of loan disbursement.