New Advantage 5 is offered at fixed interest rates for the first five years and thereafter at floating rates, LIC Housing Finance said in a statement.
The floating rates will be linked to the Prime Lending Rate prevailing at the time of the switch, it said.
The scheme is available till December 31, with a condition that the first disbursement should be availed by the customer on or before January 15, 2012, it added.
LIC Housing Finance, which, is the third lender to offer such a scheme, further said loans of up to Rs 30 lakh will have a fixed interest rate of 11.15 per cent for a five-year period.
Similarly, loans in the range of Rs 30 lakh to Rs 75 lakh will have fixed interest rates of 11.40 per cent and Rs 75-150 lakh loans will attract 11.65 per cent for a five-year period.
Published 10 September 2011, 14:46 IST