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LIC Housing Finance ups minimum interest rate to 6.90%

Published:

Money & Banking

This revision in home loan rate comes in the wake of the RBI increasing the repo rate by 40 basis points

LIC Housing Finance Ltd (LICHFL) has upped the minimum interest at which it will offer home loans to 6.9 per cent with effect from May 13, 2022 against 6.70 per cent earlier. 

This revision in home loan interest rate comes in the wake of the RBI increasing the repo rate by 40 basis points to 4.40 per cent on May 4. 

LICHFL MD & CEO Y. Viswanatha Gowd said: “RBI has, after a long time, increased the policy rates and the effect is being seen across the lenders.  

“We have kept our home loan rates competitive despite the increase in the cost of funds to support the aspirations of home buyers.” 

Gowd emphasised that for borrowers with CIBIL score 700 and above, the rate hike has been limited to only 20 basis points.  

“In my view, this increase may not have significant impact on the EMI outgo…” he said. 

Published on May 13, 2022

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