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LIC Housing Finance New Interest Rates

Home loan finance company LIC Housing Finance Limited (LIC HFL) has increased its prime home loan interest rate (LHPLR) by 0.60 percent to 7.50 percent.

LIC HFL said on Monday 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.

LHPLR is actually the standard interest rate from whichLICHFL loans have a linked interest rate. Y Vishwanath Gaur, MD, LIC HFL said,

The hike in interest rates is in line with the current situation in the market. If compared historically, the rates are still very competitive.

Hence, the demand for home loans is expected to remain stable.

Last month i.e. in May also, LIC Housing Finance had increased the interest rates.

The company made this increase in home loan interest rates on the basis of CIBIL score after the Reserve Bank increased the repo rate by 40 basis points.

After this the new rate was increased to 6.9 percent. For customers with less than this CIBIL score, an increase of 25 basis points was made.

Apart from this, home loan rates for new to credit customers were increased by 40 basis points. These rates were effective from May 13.

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