LIC Housing Finance raises its prime lending rate, here's how it will effect your home loan EMI
The interest rate for loans from LIC HFL is based on the benchmark rate, or LHPLR.
Hours after the RBI made a similar step, mortgage lender LIC Housing Finance on Friday increased its lending rates by 0.50 per cent.
The LIC Housing Prime Lending Rate (LHPLR) was raised by the business by 0.50 per cent. The benchmark rate, or LHPLR, is used to determine how much loans from LIC HFL will cost.
Y Viswanatha Gowd, the company's managing director and chief executive, claimed that the increase is consistent with the state of the market.
"We expect this trend to stabilise soon. We are taking care to price our products adequately so that the EMI outgo for our customers remains reasonable," he stated.
The MD continued by saying that the company is sure that the fundamentals of the Indian economy will remain sound and that sentiment in the real estate sector would be upbeat throughout the holiday season.
In an effort to combat persistently rising inflation, the Reserve Bank of India (RBI) increased the benchmark lending rate by 50 basis points on Friday. This was the fourth straight hike since May.
(With inputs from PTI)