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Friday, May 27, 2022

LIC: Borrowing from LIC Housing Finance will be expensive, increased interest rates on home loan – know for whom it increased

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LIC Housing Finance: LIC Housing Finance (LIC HFL) has increased the interest rates on home loans by 20 basis points from 6.7 per cent to 6.9 per cent for select borrowers. Banks and housing finance companies have been increasing the interest rates of their loans continuously since the RBI increased the policy rates. On May 4, the RBI had increased the repo rate from 0.40 per cent to 4.40 per cent.

Know for which customers LIC Housing Finance rates increased
LIC Housing Finance said in a statement that the revised rates will be applicable from Friday i.e. today, May 13. He said that for borrowers whose CIBIL score is 700 or more, the increase in rates is limited to only 20 basis points. He said that for customers whose CIBIL score is less than 700, the maximum increase is 25 basis points and for new customers it is 4 basis points.

What Vishwanath Gowda, MD, LIC Housing Finance said
LIC HFL Managing Director and Chief Executive Officer Y Vishwanath Gowda said that the RBI has increased the policy rates after a long time and its impact is visible on all the lenders. Keeping in view the aspirations of the home buyers, we have kept the home loan rates competitive despite the rising cost of funds and have tried not to adversely affect the customers. We are confident that the demand for home loans will continue to increase going forward as the demand for new homes has started once again.

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