Insurance giant LIC's home finance subsidiary LICHF today launched a new loan product for women that is offering a 0.25 per cent discount on card rate.
The product, christened "Bhagyalakshmi", will attract a 10 per cent interest for the first two years, which is 0.25 per cent lower than the company's card rate, LIC Housing Finance (LICHF) said in a statement.
After the completion of the two-year-term, it will turn into a floating interest rate product, with the interest rate being linked to the company's prime lending rate, the statement added.
Even after the migration to floating interest rate, the rate of interest will be 0.25 per cent lower, it added. The floating rate "will be set at 25 bps lower than the rates applicable for other floating category home loans," it said.
One bps (basis point) is equal to 0.01 per cent. The offer is valid till March 31 this year, it said.