Mumbai: LIC Housing Finance Ltd has reduced the floating rate of interest under individual loan schemes to 9.50 per cent from the previous 11.00 per cent. The floating rate of interest was 11.00 per cent for all slabs of term loans up to 20 years.

From 28 August 2002, the floating rate of interest for a loan term of one-to-six years is 9.50 per cent, seven-to-12 years is 10.00 per cent and 13-to-20 years is 10.50 per cent for up to Rs 1 crore.