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IAF withdraws Jammu airport closure order

The flight operations to and from Jammu airport would be restricted to seven hours for 41 days from March 10 as the Indian Air Force w ...
The Economic Times
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| 27 February, 2021, 09:52 PM IST | E-Paper


    LIC HFL sanctions over Rs 1,000 crore loan to pensioners in 2 months

    LICHFL also expects a good festive sale on the back of stamp duty cut in many markets, falling interest rate and its festive offer to waive off processing fee for between October 1 and November 30.

    LIC Housing sees record monthly disbursals in Sept

    In July, the mortgage lender had slashed home loan rates to an all-time low interest rate ...

    LIC Housing shares jump nearly 12% after Q1 results

    The company's profit after tax stood at Rs 610.68 crore in the April-June quarter of the ...

    • The company's profit after tax stood at Rs 610.68 crore in the April-June quarter of the previous fiscal.

      Rates offered by some large PSU banks are now close to multi-decade lows of 6.7% to 7.10%. While Union Bank of India is offering the lowest floating interest rates at 6.7%, Bank of Baroda, Bank of India and Central Bank of India are a close second offering home loans at 6.85% interest. This is likely to exert pressure on private sector banks and home finance companies (HFCs) to follow suit, raising the possibility of a rate war.

      The mortgage lender said it’s total loans under moratorium was below 25%, out of which 60% of the construction finance book was under moratorium. From its total construction book of Rs 13,000 crore, upwards of Rs 8000 crore of loans are under moratorium. The silver lining is more than 46,000 borrowers largely retail, have started paying their dues, Mohanty said.

      “We are writing to the eligible borrowers, those with income below Rs 6 lakh and have purchased homes in the affordable category, and informing them that because of the refinance provided by NHB, their interest rates have come down,” said LIC Housing Finance's Siddhartha Mohanty.

      Post Covid, people will go for a house as it is a security and more will go for affordable houses, says Siddhartha Mohanty, MD & CEO, LIC Housing

      The home financier will give additional 10 basis points benefit to new homebuyers and will offer home loan at 7.4 per cent to customers who are linking their existing or new single term insurance policy to the loan availed from it.

      The rate of interest is linked to the creditworthiness as reflected in CIBIL scores of the borrowers.

      On Friday in the second Covid booster dose, the RBI announced a new TLTRO, under which it will pump in Rs 50,000 crore into the system and made it mandatory for banks to invest 50 percent of the money in lower-rated debt being issued by small and medium NBFCs, HFCs and MFIs. RBI has also opened another Rs 50,000 crore in refinance window for Nabard, Sidbi and NHB.

      In November last year, the government announced the setting up of a Rs 25,000-crore AIF to provide relief to developers to complete unfinished projects. This was necessitated after several housing projects were left unfinished due to the unfavourable growth environment and a funds squeeze. Mohanty said that growth is finally reviving.

      The new mobile application will enables LIC Housing Finance to reach a broader audience of customers it will also fasttrack the loan process by assessing the eligibility of each applicant online. It will reduce the lengthy paper-based loan application process.

      LIC Housing Finance Ltd has set a target of disbursing Rs 55,000 crore worth loans during the current financial year, a top official said on Saturday.

      The country's largest carmaker said it will discontinue sale of diesel cars.

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