LIC Housing Finance has given some relief to the common people. LIC Housing Finance has cut 25 basis points in its prime lending rate (PLR). This step has been taken after the Reserve Bank of India (RBI) reduced the repo rate to 6% for the second consecutive time. Now the interest rates of home loan of LIC Housing Finance will start from 28 April 2025 to 8%.
This cut will be applicable to both new and existing customers, making home loans cheaper than before. This step is considered to be a relief to the customers of the affordable housing segment, especially.
LIC Housing Finance MD and CEO Tribhuvan Officer said that this deduction in interest rates is in line with RBI’s monetary policy and current market status. We hope that this will make the consumer’s thinking positive and increase the demand for homes.
Good opportunity for home loans
He said that the loan customer related to RLLR (REPO Linked lending rate) will get the benefit of this deduction on their reset date. At the same time, customers with MCLR or fixed rate loan may have to take some action to benefit. He also suggested that if customers maintain their EMI as before, then the loan period can be reduced by saving millions in interest.
Advice for new customers
This time is also right for new customers wishing to take home loans. This is the occasion when the most affordable option can be chosen by comparing loans offers of banks and housing companies.
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