Mortgage lender LIC Housing has surpassed pre-Covid business levels in September and expects the momentum to continue with the onset of the festive season, reports The Economic Times. The lender is also targeting double digit growth for the full fiscal year.
Siddhartha Mohanty, MD, LIC Housing Finance told ET that while business has seen a substantial dent in the months of March and April, the sentiment had turned and customers were no longer delaying buying decisions buoyed by low interest rates and attractive festive offers.
“Mumbai we are registering good growth because of stamp duty reduction,” he said.
In July, the mortgage lender had slashed home loan rates to an all-time low interest rate of 6.9 per cent for home loan borrowers. The rate of interest for home loans up to Rs 50 lakh starts from 6.9 per cent for borrowers with CIBIL score of 700 and above. For a similar score, the rate of interest is 7 per cent onwards for loan above Rs 50 lakh.