LIC Housing Finance raises the minimum rate for housing loans to 6.90%.

LIC Housing Finance Ltd (LICHFL) has raised the minimum interest rate at which it will offer housing loans to 6.9% from 13 May 2022 against 6.70% earlier.

This revision of the interest rate on housing loans comes as a result of the increase in the RBI repo rate by 40 basis points to 4.40% on 4 May.

LICHFL MD & CEO Y. Viswanatha Gowd said: “RBI has been raising policy interest rates for a long time and the effect is visible among creditors.

“We have kept our interest rates on housing loans competitive, despite the increase in the cost of funds to support the aspirations of home buyers.”

Gowd stressed that for borrowers with a CIBIL 700 rating and above, the interest rate increase is limited to only 20 basis points.

“In my opinion, this increase may not have a significant impact on the outcome of EMI,” he said.

Posted on

May 13, 2022

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