“For borrowers with CIBIL score of 700 and above, the rate hike is limited to 20 bps only,” LIC Housing Finance said in a statement.
“For borrowers with CIBIL score of 700 and above, the rate hike is limited to 20 bps only,” LIC Housing Finance said in a statement.
Mortgage financier LIC Housing Finance (LIC HFL) on May 13 raised the interest rate on home loans by 20 basis points (bps) to 6.9% from 6.7% for select borrowers.
“For borrowers with CIBIL score of 700 and above, the rate hike is limited to 20 bps only,” LIC Housing Finance said in a statement. He said the revised rates are applicable from Friday.
The maximum increase is 25 basis points for customers with CIBIL score (less than 700). The hike is 40 bps for NTC (new to credit) customers.
CIBIL Score is a 3-digit numerical summary of a customer’s credit history. It ranges from 300 to 900. The closer the score is to 900, the better the credit rating. The increase in the lending rate is as follows: RBI hikes repo rate by 40 basis points to 4.40% Last week.
LIC HFL Managing Director LIC HFL said, “RBI has hiked policy rates after a long time and its impact is being seen across all lenders. We have raised the cost of funds to support the aspirations of home buyers. has kept its home loan rates competitive despite the increase in and CEO Y Vishwanath Gaur said.
Several banks, including HDFC Bank, Canara Bank, Bank of Maharashtra and Karur Vysya Bank, revised their lending rates based on the marginal cost of funds and the repo rate.