LIC HF slashes home loan rates by 0.5%

LIC HF slashes home loan rates by 0.5%LIC Housing Finance, leading home loans provider in India, has cut down interest rates for new loans by 0.5 per cent that would be applicable to all new housing loans approved on or after August 1.

With this latest revision, customers opting for floating rate loans between Rs 30 lakhs and Rs 75 lakhs will have to pay 8.75 per cent interest rate as against 9.25 per cent earlier.

In a separate release, the company has informed that in case of three-year fixed or floating scheme loans between Rs 30 lakh upto Rs 75 lakh, the borrowers will have to pay interest rate of be 8.90 per cent against 9.5 per cent earlier.

Country's premier home loans lender HDFC has already revised interest rates downward by 0.50% on loans between Rs 30 lakh-Rs 50 lakh from August 12.

HDFC officials stated in a communiqué that the interest rate for loans up to Rs 15 lakh, remains unchanged at 8.75 per cent and for loans between Rs 15-30-lakh, the rate remains at 9 per cent.