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LIC Housing Finance increase Home Loans by 35bps

December 28, 2022

LIC Housing Finance increase Home Loans by 35bps
The LIC Housing Prime Lending Rate (LHPLR) has increased by 35 basis points, according to a press statement from LIC HFL, a prominent housing finance company in India.

The benchmark rate or LHPLR is used to determine how much loans from LIC HFL will cost. The new home loan interest rates will now begin at 8.65%. According to LIC Housing’s website, the LHPLR or revised prime lending rate is 16.45%.

The LIC Housing website states that for salaried and professional borrowers with credit scores of at least 800 and loans up to ₹15 crore, house loan interest rates begin at 8.30%.

Interest rates for salaried and professional borrowers with credit scores in the range of 750 to 799 will be 8.40% for up to ₹5 crores, and 8.60% for amounts greater than ₹5 crores and up to ₹15 crores. Interest rates are 8.70% up to ₹50 lakhs, 8.90% for amounts over ₹50 lakhs, and up to ₹2 crore for CIBIL Scores of 700 to 749.

The following is key information on the loan amount and repayment duration taken from the website. 90% of the property value may be financed for up to ₹30 lakh. For loans bigger than ₹30 lakh and up to ₹75 lakh, 80% of the property value is required. For loans beyond ₹75 lakhs, 75% of the property value is required.

The maximum payback duration for salaried individuals is 30 years, while for a self-employed person is up to 25 years.

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