Bombay, August 22 (SocialNews.XYZ) LIC Housing Finance raised its prime rate by 50 basis points on Monday. With this, the new interest rates on home loans will now start from 8% compared to 7.50% previously.
The new rates will come into effect from Monday.
This decision was in line with that of the central bank, which raised the repo rate by 50 basis points as part of the recent monetary policy to control inflation which is above the upper tolerance band. for consecutive months.
“As expected, the RBI’s decision to raise the repo rate by 50 basis points on August 5 was well measured and in line with the global economic trend. The repo rate hike caused minimal fluctuation in EMIs or term of home loans, but housing demand will remain robust, so LIC HFL’s interest rate hike is in line with the market scenario,” said Y. Viswanatha Gowd, MD & CEO.