Non-bank lender LIC Housing Finance on Thursday introduced a mortgage product below which will probably be waiving six earnest month-to-month instalments for older borrower over the course of a house mortgage.
The scheme christened Griha Varishtha is designed for workers or pensioners lined below the Defined Benefit Pension Scheme (DBPS), as per an official assertion.
EMI waivers have been given by mortgage financiers previously as nicely.
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The six EMI waiver shall be provided towards the thirty seventh, thirty eighth, 73rd, 74th, 121st and 122nd EMIs after they change into due and adjusted towards the excellent principal, as per the assertion.
Under the house mortgage product, borrower age on the time of utility will be as much as 65 years and the mortgage tenure is until the attainment of 80 years of age or most as much as 30 years, whichever is earlier, it mentioned.
The objective of mortgage will be for buy/development of residential flats or home and in addition for repairs/extension to the present properties, it mentioned, including the product caters to retired or serving workers of PSU insurers, Central/State authorities, railways, defence, banks entitled to a pension below Defined Benefit Pension Scheme.
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