According to an official document, the Griha Varishtha program is planned for employees or retirees protected by the Defined Benefits Scheme (DBPS).

LIC Housing Finance, a non-bank lender, reported that it would waive six earnest monthly installments for older borrowers throughout a home loan.

According to an official document, the Griha Varishtha program is planned for employees or retirees protected by the Defined Benefits Scheme (DBPS).

Mortgage lenders have issued EMI exemptions in the past as well.

According to the statement, the six EMI waivers will be given against the 37th, 38th, 73rd, 74th, 121st, and 122nd EMIs as they become due and will be applied to the outstanding principal.

The home loan product allows borrowers to be up to 65 years old at the time of application, with a loan term of up to 30 years or until they reach 80, whichever comes first.

According to the company, the loan can be used for the purchase or development of residential flats or houses, as well as for repairs or extensions to existing properties. The product is available to retire or serve PSU insurers, Central/State government, railways, defense, and banks eligible for a pension under the Defined Benefit Pension Scheme.