LIC Housing Finance raises prime rates; Will home loan IMEs become more expensive? Find out here

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Home loan provider LIC Housing Finance (LIC HFL) raised its prime rate by 15 basis points to 15.95% as the new rates have already taken effect. LIC Housing Finance raising its prime rate (LHPLR) by 0.15 percentage points and new interest rates on home loans will now start at 8% from 7.50% previously.

LIC Housing Finance’s new loan rates went into effect on September 20. Previously, the prime rate was 15.80%.

If a borrower has a CIBIL score of 800 or above, the interest rate on home loans up to Rs 15 crore will be 8.00% for salaried and professional. In the case of salaried and professional people with a CIBIL score between 750 and 799, the borrower will have to pay an interest rate of 8.05% on home loans up to Rs Rs 5 crore. The rate is 8.40% on home loans over Rs 5 crore and up to Rs 15 crore.

On salaried and professional CIBIL scores between 700 and 749, the interest rate will be 8.20% on home loans up to Rs 50 lakh, 8.40% on more than Rs 50 lakh up to Rs 2 crore and 8.55% on home loans above Rs 2 crore and up to Rs 15 crore. Those with a CIBIL score between 600 and 699 will be offered an interest rate of 8.45% on home loans up to Rs 50 lakh, 8.65% on more than Rs 50 lakh to Rs 2 crore and 8 .80% on more than Rs 2 crore to Rs 15 crore.

LIC Housing Finance has imposed interest rates of 8.90%, 9.10% and 9.30% respectively for loan amounts up to Rs 50 lakh, over Rs 50 lakh to Rs 2 crore and above from Rs 2 crore to Rs 15 crore for borrowers with a CIBIL score below 600.

On the other hand, LIC Housing charges an interest rate of 8.20% on borrowers with a credit score of 150-200 on their home loans up to Rs 50 lakh, and the rate is 8.40% on loans over Rs 50 lakh to Rs 2 crore. Meanwhile, for people with a CIBIL score of 101 to less than 150, the rate is 8.45% for a loan up to Rs 50 lakh and 8.65% for more than Rs 50 lakh to Rs 2 crore.

LIC Housing, for people with a CIBIL score of 700 or above, offers an interest rate of 8.15% on home loans of Rs 10 lakh or above.

According to the LIC Housing Finance website, “In case of joint applications, the CIBIL score of the applicant with the highest score will be taken into account. The total loan exposure must not exceed 10 crs. under the program Advantage Plus.”

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