HomeMoneyLIC Housing Finance hikes prime lending rate. Check latest rates on home...

LIC Housing Finance hikes prime lending rate. Check latest rates on home loans

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LIC Housing Finance has hiked its prime lending rate by 15 basis points to 15.95%. Accordingly, the interest rate on home loans has been changed, making EMIs costlier. Home loan interest rates start from 8% for salaried and professional borrowers. The new rates have come into effect from September 20, 2022.

On its website, LIC Housing’s prime lending rate (LHPLR) is at 15.95% with effect from September 20. Last month, the prime lending rate was at 15.80%.

LIC Housing’s home loan rates vary among borrowers depending upon their credit score.

The HFC has levied an 8% interest rate on home loans up to 15 crore. Salaried and professional borrowers with a CIBIL score of greater or equal to 800 are eligible for this interest rate.

However, borrowers with a CIBIL score of 750-799 will have to pay an interest rate of 8.05% on their home loans up to 5 crore. The rate is 8.40% on home loans more than 5 crore to 15 crore.

Salaried borrowers having a CIBIL score of 700-749, will have an interest rate of 8.20% on home loans up to 50 lakh, while the rate is 8.40% on loans from over 50 lakh to 2 crore. The interest rate is 8.55% on home loans over 2 crore up to 15 crore.

For borrowers with a credit score of 600-699, the HFC imposed an interest rate of 8.45% on home loans up to 50 lakh, while the rate is 8.65% on loans more than 50 lakh to 2 crore, and the rate is 8.80% on loans over 2 crore up to 15 crore.

For borrowers with a CIBIL score of less than 600, the lender is offering a rate of 8.90% on home loans up to 50 lakh. The rate is 9.10% on home loans over 50 lakh to 2 crore, and the rate is 9.30% on more than 2 crore to 15 crore loans.

LIC Housing levies an interest rate of 8.20% on borrowers with a credit score of 150-200 on their home loans up to 50 lakh, and the rate is 8.40% on loans more than 50 lakh to 2 crore.

Home loans or housing loans are available for the purchase of under-construction or ready-to-move homes. Housing loans can also be availed for the construction of own house.

In the case of joint applicants, the CIBIL score of the applicant having the highest score will be considered, LIC Housing said on its website. Also, total exposure should not exceed 10 crore under Advantage Plus Scheme.

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