Housing finance company (HFC), LIC housing finance has introduced a new home loan product to its product kit. The product christened as 'Freedom' is a floating rate home loan scheme.

The new product would attract interest of PLR (-) 385 bps for loans upto Rs 30 lakhs, while for loans amounting in the range of more than Rs 30 lakhs to less than Rs 75 lakhs, the interest would be PLR (-) 340 bps.

The interest would be PLR (-) 300 bps for loans of Rs 75 lakhs to Rs 150 lakhs.

The scheme comes with a special offer for customers that within the first year of the loan, they can opt for conversion of the loan to a fixed rate one for the coming 5 years, subject to terms and conditions. The option can be exerted only once.