HomeLatest NewsLIC increases housing finance prime lending rate; Will home loan EMIs...

LIC increases housing finance prime lending rate; Will home loan EMIs be more expensive? Find out here

Home loan provider LIC Housing Finance (LIC HFL) has raised its prime lending rate by 15 basis points to 15.95 percent, with the new rate already effective. LIC Housing Finance hiked its Prime Lending Rate (LHPLR) by 0.15 percentage points and the new interest rate on home loans will now start at 8 per cent as against 7.50 per cent earlier.

The new LIC Housing Finance loan rates are effective from September 20. Earlier, the prime lending rate was 15.80 percent.

If a borrower has a CIBIL score of 800 or above, the interest rate for home loans up to Rs 15 crore for salaried and professionals will be 8.00 percent. For salaried and professionals with a CIBIL score between 750 and 799, the borrower has to pay an interest rate of 8.05 percent on home loans up to Rs 5 crore. The rate is 8.40 per cent for home loans above Rs 5 crore and up to Rs 15 crore.

On CIBIL scores between 700 and 749 on salaried and professionals, the interest rate will be 8.20 per cent on home loans up to Rs 50 lakh, 8.40 per cent above Rs 50 lakh up to Rs 2 crore and 8.55 per cent on home loans. Loans above Rs.2 crore and up to Rs.15 crore. Those with a CIBIL score between 600 and 699 will be offered an interest rate of 8.45 per cent on home loans up to Rs 50 lakh, 8.65 per cent above Rs 50 lakh to Rs 2 crore and 8.80 per cent above Rs 2 crore. crore to 15 crores.

LIC Housing Finance has imposed interest rates of 8.90 per cent, 9.10 per cent and 9.30 per cent respectively for loan amounts up to Rs 50 lakh, between Rs 50 lakh to Rs 2 crore and between Rs 2 crore to Rs 15 crore for borrowers. With a CBIL score of less than 600.

On the other hand, LIC Housing charges an interest rate of 8.20 per cent on home loans up to Rs 50 lakh for borrowers with a credit score of 150-200 and 8.40 per cent on loans above Rs 50 lakh. 2 crores. Meanwhile, for individuals with a CBIL score below 101 to 150, the rate is 8.45 percent for loans up to Rs 50 lakh and 8.65 percent for loans above Rs 50 lakh to Rs 2 crore.

LIC Housing is offering an interest rate of 8.15 percent on home loans of Rs 10 lakh or more for those with a CIBIL score equal to or above 700.

According to the LIC Housing Finance website, “In case of joint applicants, the CIBIL score of the applicant with the highest score will be considered. Total credit exposure should not exceed 10 crores. Under Advantage Plus Scheme.”

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