LIC Housing Finance gave a shock to the customers, home loan became expensive
Housing finance company LIC Housing Finance Limited (LIC HFL) has given a big blow to the customers. He has increased the loan rates by 50 basis points i.e. 0.50 percent. The new interest rate has come into effect on August 22, 2022.
Muskan 
Banks are making their home loans costlier one after the other after the RBI hiked repo rates by 40 basis points. In this episode, from HDFC to ICICI Bank, the home loan has been increased. Now the country's leading housing finance company LIC Housing Finance Limited has given a big blow to the customers. LIC Housing Finance has increased the EMI of the loan.
LIC Housing Finance home loan has become costlier. The company has increased the interest rate of the loan by 0.50 percent. The new interest rate for LIC Housing's home loan will start from 8 percent. The new interest rate has come into effect on 22nd August 2022. Earlier the interest rate on a home loans was 7.50 percent.
The Managing Director and Chief Executive Officer of LIC Housing Finance Limited have given information regarding the increase in loan rates. The managing director said the decision to hike the repo rate by 50 basis points on August 5, as anticipated, was quite accurate. And this was in line with global trends. Along with this, he said that the demand for housing loans will see a spurt.
Let us tell you that in the past, the Reserve Bank of India had increased the repo rate by 0.5 percent. After this, it increased to 5.4%. RBI has increased the policy rate repo by 1.40 percent in the last three monetary policy reviews. After the increase in the repo rate, many banks have also increased the interest rates.
