LIC HFL News: LIC Housing Finance Ltd revises its lending rates across loan products
The new interest rates on home loan now start from 7.50%.
LIC Housing Finance Ltd (LIC HFL), a Housing Finance company in India, has increased the LIC Housing Prime Lending Rate (LHPLR) by 60 basis points, an official statement said.
LHPLR is the benchmark rate to which the interest rate on LIC HFL's loans are linked.
The new interest rates on home loan now start from 7.50%.
The new rates will be effective from 20th June 2022.
Commenting on this lending rate revision, MD & CEO Y. Viswanatha Gowd said, “The interest rate hike is in line with the market scenario. If compared historically the rates are still at a very competitive level. Therefore, we will see a sustenance in demand for home loans.”
Reserve Bank of India (RBI) recently raised the interest rate by 50 basis points to a two-year high of 4.9 per cent as it doubled down to tame inflation that has surged in the last couple of months.
The rate hike came on the back of a 40 bps increase effected by RBI at an unscheduled meeting on May 4.
All the six members of the Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, unanimously voted for the latest rate hike.
Consumer Price Index (CPI) based inflation, which RBI factors in while arriving at its monetary policy, galloped for the seventh straight month to touch an 8-year high of 7.79 per cent in April.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
06:18 PM IST