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LIC Housing Finance’s blow on new year, increase in home loan interest rates, EMI becomes costlier

LIC Housing Finance Hikes Home Loan Rate: Your home loan EMI is going to be expensive in the new year. After HDFC, LIC Housing Finance has also made home loans costlier. The company has increased the home loan interest rates by 0.35 per cent, after which not only new home buyers will get home loans at an expensive rate, but the EMIs of those who have already taken home loans will become costlier.

The minimum home loan rate of LIC Housing Finance has increased from 8.30 percent to 8.65 percent now. LICHF said in the statement that it has increased the LIC Housing Prime Loan Rate (LHPLR) by 0.35 percent related to the interest rate on the loan. Company’s MD and CEO Y Vishwanath Gowda said, the rate hike has been done keeping in view the market conditions.

Let us know how much the EMI burden will increase

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On a home loan of Rs 25 lakh

Suppose a person had taken a home loan of 25 lakhs from LIC Housing Finance at an interest rate of 8.30% for 20 years, then he had to pay an EMI of Rs 21380. But after increasing the home loan interest rates, he will have to pay an EMI of Rs 21,934 at an interest rate of 8.65 per cent. That means every month Rs 554 more EMI will have to be paid.

On a home loan of Rs 40 lakh

If a person had taken a home loan of Rs 40 lakh for 20 years, on which he had to pay an EMI of Rs 34840 at an interest rate of 8.55 per cent. But now the interest rate will be 8.90 percent, according to that, an EMI of Rs 35,732 will have to be paid. That is, every month Rs 892 more EMI will have to be paid.

Effect of expensive repo rate

On December 8, the RBI increased the repo rate by 35 basis points. After which banks to housing finance companies are increasing the interest rates. In 2022, RBI has increased the repo rate from 4 percent to 6.25 percent in five phases.

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