LIC housing finance loan becomes costlier; Benchmark prime lending rate hiked

Joining the list of companies to hike interest rates following RBI’s decision to hike repo rate, LIC Housing Finance has increased its benchmark prime lending rate (LHPLR) by 60 basis points, which is used for home loan pricing. goes. This will make the loan costlier for all tenors and will be effective from June 20.

LIC Housing Finance said in a statement that the revised interest rates on housing loans will now start at 7.50 per cent. According to the company’s website, the prime lending rate of LIC Housing has now been fixed at 15.30 percent.

A borrower having a CIBIL score of 700 or above, the interest rate on home loans above or equal to Rs 10 lakh will be 7.50 per cent for salaried and professionals. For salaried and professionals having CIBIL greater than or equal to 700, the borrower will have to pay an interest rate of 7.55 per cent on home loans up to Rs 50 lakh, and 7.75 per cent on home loans above Rs 50 lakh to more than Rs 2 crore. , and 7.90 per cent on housing loans from Rs 2 crore to more than Rs 15 crore.

Home loans up to Rs 50 lakh on CIBIL score between 600 and 699 will attract an interest rate of 7.80 per cent, above Rs 50 lakh up to Rs 2 crore and 8 per cent and above Rs 2 crore at 8.15 per cent. 15 crores up to Rs. Interest rates of 8.25 per cent will be offered on home loans up to Rs 50 lakh for those with a CIBIL score of less than 600, 8.45 per cent on Rs 50 lakh and above Rs 2 crore and 8.65 per cent on above Rs 2. crore to Rs.15 crore.

In case of credit score or NTC between 101 and 200, the interest rate will be 8.20 per cent on home loans up to Rs 50 lakh for salaried and professionals, 8.40 per cent for loans above Rs 50 lakh up to Rs 1 crore.

as the Reserve Bank India With monetary policy in tight mode and raising its key repo rates to control inflation, commercial lenders are also following suit and raising their interest rates. Recently, many banks including ICICI Bank, HDFC Bank and Punjab National Bank have increased their interest rates.

RBI’s Monetary Policy Committee last week unanimously decided to raise the repo rate by 50 basis points to 4.90 per cent with a focus on the return of housing. This has prompted lenders to increase interest rates on loans.

According to the latest data, retail inflation based on the Consumer Price Index (CPI) cooled slightly to 7.04 per cent in May. India’s headline inflation hit a nearly eight-year high of 7.79 per cent in April. Experts believe that the sharp fall in fuel prices after the reduction in excise duty was instrumental in bringing down food prices last month. Retail inflation remained above the Reserve Bank of India’s (RBI) upper tolerance limit for the fifth consecutive month in May.

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