LIC Housing EMI: After the increase in repo rates by 40 basis points by the Reserve Bank of India (RBI), many banks made their home loans expensive one by one. From HDFC to ICICI Bank are included in this list. Now LIC Housing Finance Limited (LIC HFL) has also shocked its customers by following their steps.
LIC Housing Finance has made this increase in home loan interest rates on the basis of CIBIL score. According to the report, the starting rates of home loans for customers with good credit scores i.e. above 700 have been increased by 20 basis points. After this the new rate has increased to 6.9 percent. For customers with less than this CIBIL score, an increase of 25 basis points has been made. Also, the home loan rates for new to credit customers have been increased by 40 basis points. The new rates are effective from Friday 13 May.
These banks have increased EMI
Before LIC Housing Finance Limited, HDFC Bank, Bank of Maharashtra Canara Bank, Karun Vysya Bank, ICICI Bank and Punjab National Bank have also made loans expensive by increasing interest rates.
On Wednesday, the Reserve Bank of India had announced an increase in repo rates by calling a meeting of MPC in a hurry. This meeting was not pre-planned but was called suddenly. In a meeting chaired by RBI Governor Shaktikanta Das, the repo rates, which were at a historic low since May 2020, were increased by 40 bps from 4 to 4.40 per cent.
In the coming days also, experts are pointing out that the Reserve Bank can increase interest rates by up to 0.75 percent. Accordingly, people should be ready for further increase in EMI.
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