LIC Housing Finance has increased lending rates following the Reserve Bank of India’s recent decision to hike policy repo rate. LIC Housing Prime Lending Rate (LHPLR) has been increased by 50 basis points or 0.50 per cent with effect from August 22, 2022.
LHPLR is the benchmark rate to which the interest rate on LIC Housing Finance’s loans is linked. The new interest rates on home loans will now start from 8 per cent. Previous home loans started from 7.50 per cent.
LIC Housing Finance is one of the largest Housing Finance Company in India. The main objective of the company is providing long term finance to individuals for purchase or construction of house or flat for residential purpose / repair and renovation of existing flat / houses.