LIC Housing Finance has increased its prime lending rate by 35 basis points with effect from December 26, 2022. With the latest hike, the housing finance company’s home loan interest rate will be available for 8.65% annual interest. However, the LICHF’s best rates are available to borrowers with credit scores of over 800.
For borrowers with a CIBIL score ranging 750 and 799, the new interest rate will be 8.75%. For borrowers with a CIBIL score ranging 700 and 749, the new interest rate will be 9.05%. For borrowers with a CIBIL score ranging 600 and 699, the new interest rate will be 9.30%. For borrowers with a CIBIL score below 600, the new interest rate will be 9.75%.
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The increase in rates by the mortgage lender follows RBI’s 35-basis-point hike in the repo rate on December 7, 2022. Following the move by the apex bank, many leading banks in India have increased their lending rates to reflect the repo rate hike. Among the banks that have hiked home loan interest rates after the RBI move are SBI, HDFC and ICICI Bank.
