Home loan provider LIC Housing Finance (LIC HFL) has increased its prime lending rate by 15 basis points to 15.95 per cent, with the new rates already coming into effect. With the LIC Housing Finance increasing its prime lending rate (LHPLR) by 0.15 percentage points and the new interest rates on home loans will now start from 8 per cent as against 7.50 per cent previously.
The new LIC Housing Finance lending rates have come into effect from September 20. Prior to this, the prime lending rate was at 15.80 per cent.
If a borrower has a CIBIL score of 800 or above, the interest rate on home loans of up to Rs 15 crore will be 8.00 per cent for salaried and professionals. In the case of salaried and professionals having CIBIL score between 750 to 799, the borrower will need to pay an interest rate of 8.05 per cent on home loans up to Rs Rs 5 crore. The rate is 8.40 per cent on home loans of more than Rs 5 crore and up to to Rs 15 crore.
On CIBIL scores of salaried and professionals between 700 and 749, the interest rate will be 8.20 per cent on home loans up to Rs 50 lakh, 8.40 per cent on more than Rs 50 lakh up to Rs 2 crore, and 8.55 per cent on home loans above Rs 2 crore and up to Rs 15 crore. Those having a CIBIL score between 600 and 699 will be offered an interest rate of 8.45 per cent on home loans up to Rs 50 lakh, 8.65 per cent on over Rs 50 lakh to Rs 2 crore, and 8.80 per cent on more than Rs 2 crore to Rs 15 crore.
LIC Housing Finance has imposed interest rates of 8.90 per cent, 9.10 per cent and 9.30 per cent respectively for loan amounts of up to Rs 50 lakh, over Rs 50 lakh to Rs 2 crore and more than Rs 2 crore to Rs 15 crore for borrowers with a CIBIL score of less than 600.
On the other hand, LIC Housing levies an interest rate of 8.20 per cent on borrowers with a credit score of 150-200 on their home loans up to Rs 50 lakh, and the rate is 8.40 per cent on loans more than Rs 50 lakh to Rs 2 crore. Meanwhile, for individuals with a CIBIL score of 101 to less than 150 , the rate is 8.45 per cent for up to Rs 50 lakh loan and 8.65 per cent for more than Rs 50 lakh to Rs 2 crore.
LIC Housing, for individuals with a CIBIL score of equal to or greater than 700, is offering an 8.15 per cent interest rate on home loans greater or equal to Rs 10 lakh.
As per the website of LIC Housing Finance, “In case of joints applicants, CIBIL score of applicant having highest score will be considered. Total loan exposure should not exceed 10 crs. under Advantage Plus Scheme.”