LIC Housing Finance hikes interest rates on home loan, now customers will have to pay 7.50% for loan

Housing Finance Company LIC Housing Finance Limited ( LIC HFL) lower your prime home loan interest rates To 0.60 per cent has been increased to 7.50 per cent. LIC HFL has said that with this increase, the interest rate on home loans will now start from 7.50 percent. The new interest rates are effective […]
 


LIC Housing Finance hikes interest rates on home loan, now customers will have to pay 7.50% for loan

 

Housing Finance Company LIC Housing Finance Limited ( LIC HFL) lower your prime home loan interest rates To 0.60 per cent has been increased to 7.50 per cent. LIC HFL has said that with this increase, the interest rate on home loans will now start from 7.50 percent. The new interest rates are effective from June 20, 2022. Home loan interest rate is actually the standard interest rate to which LIC HFL loan interest rate is attached. Interest rates on home loans, personal loans, etc. have been increasing since the RBI raised the repo rate. So far the repo rate has been doubled. It is also possible to increase it in future. The repo rate is likely to increase again in July due to the increase in interest rates on home loans. Because of this, more EMI will have to be paid than before.

Y Vishwanath Gaur, Managing Director and CEO, LIC HFL said, “The hike in interest rates is in line with the prevailing market conditions. Rates are still very competitive when compared historically. Hence home loan demand is expected to remain stable.

At what rate will you get a home loan?

LIC Housing Finance home loans are largely based on the CIBIL score. For job seekers and professionals, home loans up to Rs 50 lakh on Sibis Score 700 are being offered at 7.55 per cent. Home loans ranging from Rs 50 lakh to Rs 2 crore are being given at the rate of 7.75 per cent. Similarly Rs. 2 crore to Rs. Home loans up to Rs 15 crore are given at 7.90 per cent.

LIC Housing Finance Limited offers 7 types of home loans to its customers. These include home loan for resident Indian, home loan for NRI, plot loan, home improvement loan, home renovation loan, top up loan and balance transfer. If a salaried and professional individual wants to take a home loan with CIBIL score in the range of 600-699, then loan up to 50 lakhs will be available @ 7.80%. Loans from Rs 50 lakh to Rs 2 crore will be available at 8.15 percent and loans from Rs 2 crore to Rs 15 crore will be available at 8.15 percent.