Costly EMI: The EMI of the customers taking home loan from LIC Housing Finance Limited, the country’s largest housing finance company, has become expensive once again. LIC Housing Finance Limited (LIC Housing Finance) has announced to increase the interest rates on home loans by half a percent i.e. 60 basis points. From now on you will have to pay interest at the rate of 7.50 per cent. LIC Housing Finance (LIC HFL) has given this information. From now on your home loan interest rate will start from 7.50 per cent. Let us tell you that the new rates of the company have come into effect from today i.e. from June 20 to 2022.
Effect of RBI raising repo rate
On June 8, 2022, RBI increased the repo rate by half a percentage point from 4.40 percent to 4.90 percent. After the decision of RBI, from housing finance companies to banks have started making loans expensive. And the biggest brunt of the costly loan will have to be borne by those people who have bought their house in recent times by taking home loan from bank or housing finance company. Let’s have a look at LIC Housing Finance Limited (LIC Housing Finance) after increasing the interest rate on the home loan by 60 basis points, how much will it affect your pocket.
20 lakh home loan
Suppose you had to pay an EMI of Rs 15,808 at the rate of 7.25 per cent earlier on a home loan of Rs 20 lakh for 20 years. So after increasing the interest rates by half a percent on the home loan, you will have to pay an EMI of Rs 16,357 at 7.70 percent interest rate. That is, Rs 549 more every month and an additional load of Rs 6588 in the whole year.
40 lakh home loan
If you have taken a home loan of Rs 40 lakh for 15 years, on which at present you had to pay an EMI of Rs 36,627 at 7.30% interest rate, then now you will have to pay an EMI of Rs 37,996 at 7.90 percent interest. That is, Rs 1369 more every month. And if you add it in the whole year, then you will have to pay more EMI by Rs 16,428.
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