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What are the benefits of financial institutions?
5 advantages of having your loans and accounts at one financial institution
- You can secure better rates and favorable fees.
- Having an existing relationship makes opening other accounts or loans easier.
- Customer service can be tailored to your specific needs.
- Managing your accounts and general finances is much easier.
Is Lichfl a financial institution?
LIC Housing Finance Limited (LIC HFL) is one of the largest Housing Finance Mortgage loan companies in India having its Registered and Corporate office at Mumbai….LIC Housing Finance.
| Type | Public |
|---|---|
| Traded as | BSE: 500253 NSE: LICHSGFIN |
| Industry | Financial services |
| Founded | 19 June 1989 |
| Founder | Life Insurance Corporation of India |
Is LIC good option for home loan?
State Bank of India offers a rate of 6.95-7.0 per cent on home loans up to Rs 30 lakh; LIC Housing Finance’s rates are even better. This triple A rated NBFC has a good control over its cost of funds. The sovereign or the central government raises money at around this rate from banks and institutions.
Why banks are so important?
A well-functioning financial system is fundamental to a modern economy, and banks perform important functions for society. Banks should be able to lend money to consumers and businesses in both upturns and downturns. In addition, payments for goods and services should be processed swiftly, safely and at low cost.
Is it better to get loans from banks or from private money lenders?
Banks are traditionally less expensive, but they are harder to work with and more difficult to get a loan approved with. Private lenders tend to be more flexible and responsive, but they are also more expensive.
What is the role of the banks in the financial system?
Banks act as financial intermediaries because they stand between savers and borrowers. Savers place deposits with banks, and then receive interest payments and withdraw money. Borrowers receive loans from banks and repay the loans with interest.
What does LIC HFL stand for?
LIC HOUSING FINANCE Home Loan Review & Rating LIC Housing Finance Limited (LIC HFL) is an Indian housing finance company having its Registered and Corporate office at Mumbai. It provides housing loans to individuals, builders, development authorities, employers organisation.
Why have you taken a home loan from LIC Housing Finance?
From LIC Housing Finance, i have taken a home Loan because the document submission is very less where in other bank, there are lots of documentation process. They have sanctioned the loan within 1 month . I got the loan amount of Rs. 27 lakhs.
Can old LIC customers switch to lower interest rates?
“According to our existing policies, there is no provision for old customers to switch to lower interest rate, the only way they can reduce their loan burden is by pre payingit”,said an LIC Official. This makes matters difficult for several borrowers who cannot prepay their loan, and thus have no option but to pay a high interest rate.
What is the rate of interest for LIC home loan?
From LIC, they offered a home loan and the loan amount was Rs. 27,00,000. The rate of interest was high 9.15\% with the duration period of 20 years and i am paying EMI of Rs.24,000 and they given this loan very faster . LIC have a good customer service. I have taken home loan directly through LIC Housing Finance Ltd.