LIC HFL
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)
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
