LIC HFL hikes rate of interest for loan products
Mumbai: LIC Housing Finance Ltd (LIC HFL) on Friday revised the rate of interest for its loan products on the back of the Reserve Bank of India's (RBI) announcement on May 4, revising the repo rate.
Accordingly, LICHFL has revised its rates of interest upwards across retail loan product categories.
The new interest rate on home loans starts from 6.9 per cent with effect from May 13, 2022, a statement from the company said.
Commenting on the interest rate revision, LIC HFL 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."
"For borrowers with CIBIL score 700 and above the rate hike has been limited to only 20 bps. In my view, this increase may not have significant impact on the EMI outgo. I am confident that demand for Home Loans continues to be high,” he said.
(With UNI inputs)