LIC Housing Finance Hikes Interest Rates

LIC Housing Finance Ltd. on Monday said that it has increased its prime housing loan interest rate from 0.60 per cent to 7.50 per cent. The new interest rates are effective from June 20, 2022. LHPLR is the standard interest rate to which the interest rate of LIC HFL loans is linked.
In this regard, Lic HFI managing director and chief executive officer Y Vishwanath Gaur said, "The hike in interest rates is in line with the current situation in the market." If compared historically, rates are still at very competitive levels. Hence, the demand for housing loans is expected to remain stable.
Let us tell you that recently the country's largest lender State Bank of India, increased the interest rates on loans. The bank had increased the repo-linked lending rate to 7.15 percent. It was 6.65 percent earlier. Apart from this, HDFC Ltd, the country's largest home loan lender, had increased the retail prime loan rate by half a percentage point. Indian Overseas Bank (IOB) had also announced an increase in the interest rate based on the repo rate.