New Delhi: In an attempt to provide relief to flat buyers, the LIC Housing Finance Limited has launched a new home loan scheme which covers the purchase of house under construction and ready to move properties. Also Read - LIC Assistant Mains 2019: Result Announced, Download From

Termed as ‘Pay When You Stay’ scheme, homebuyers have to make payment of principal on the home loans only on getting possession of the house or after 48 months from the first disbursement, whichever is earlier.

During this period, only the interest on the disbursed amount needs to be paid by the customer. The period of the offer is from January 15 to February 29, 2020. The first disbursement will commence from March 15. The minimum loan amount is Rs 20 lakh, while the maximum is Rs 200 lakh. The rate of interest on the loan will be 8.10 per cent and above depending upon the principal amount. The company is also waiving six EMIs for buyers of ready-to-move houses.

Two EMIs each at the end of fifth, 10th and 15th years will be waived under this offer, on the condition that the borrower is regular in making repayments and makes no pre-payment for the first five years.

The State Bank of India also came up with an offer for homebuyers. The ‘Residential Builder Finance with Buyer Guarantee’ (RBBG) scheme is essentially a financial safeguard for homebuyers. Under this, the lender issues a guarantee for completion of projects to SBI’s home loan customers.