LIC Housing Finance -One of the largest housing finance company provides long term finance to individuals to purchase / construct house / flat for residential purpose, repairing, renovation of existing house.Company also provides finance against property for business / personal needs.
LIC housing finance was incorporated in 1989 and went public in 1994.
LIC of India holds about 40% stake in LIC Housing Finance.
Company accepts deposits from public for different tenures.
Deposit interest rates as on 25th March 2016 are as follows:
| Deposit Period | Interest rate for General Public | Interest rate for senior citizens investing up to Rs.50,000. | Interest rate for senior citizens investing more than Rs.51,000. | |||
| 1 Yr | 8.25% | 8.35% | 8.50% | |||
| 18 Months | 8.25% | 8.35% | 8.50% | |||
| 2 Yrs | 8.35% | 8.45% | 8.60% | |||
| 3 Yrs | 8.40% | 8.50% | 8.65% | |||
| 5 Yrs | 8.50% | 8.60% | 8.75% |
Other details:
- Credit rating: AAA / Stable by CRISIL.
- Minimum investment: Rs. 10,000 and in multiples of Rs.1000 thereafter.
- Are NRIs allowed to invest: NRIs are allowed to invest but only up to tenure of 03 yrs.
- Deposits can be placed under Cumulative as well non-cumulative option.
- Provision of TDS will be applicable if annual interest paid is more than Rs. 5000/-.Eligible depositors can submit 15G/15H form.
- For cumulative option interest is compounded annually.
- For non cumulative option , interest will be paid annually on 31st March.
