LIC Housing Finance has announced a 0.35 percent hike in interest rates on its home loans. The increase will be effective immediately from today (Dec. 26).
LIC Housing Finance, India’s leading home loan provider, has announced a 35 basis point hike in home loan interest rates. According to this, interest on new home loans starts from 8.65 percent. The new interest rate hike will come into effect from today. On its website, the revised prime lending rate on housing is 16.45 percent.
Its official website states:-
For monthly salary earners and professionals with a CIBIL score above 800, the home loan interest rate starts from 8.30 percent. Loans up to Rs.15 crores will be provided. CIBIL score between 750 to 799 at 8.40 per cent Rs. Home loans up to Rs.5 crore and above Rs.5 crore up to Rs.15 crore at 8.60 percent interest. Those having CIBIL score between 700 and 749 will be given loan at 8.70 per cent interest up to Rs 50 lakh and 8.90 per cent interest for above Rs 50 lakh up to Rs 2 crore.
Loan Amount, Repayment Period:
1. For home loan up to Rs.30 lakh, up to 90 percent of the property value is given as loan.
2. In case of home loan between Rs.30 lakh to Rs.75 lakh, up to 80 percent of the property value is given as loan.
3. In case of home loan above Rs.75 lakh, 75 percent of the property value is given as loan.
4. Monthly salary earners will be given a maximum loan repayment period of 30 years.
5. Self-employed will be given a maximum period of 25 years.
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Types of Home Loans:
1. Home loan
2. NRI Home Loan
3. Flat loans
4. Home improvement loan
5. Home renovation loan
6. Top up loan
7. Balance Transfer Loan.
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