Mumbai: Leading home loans provider, LIC Housing Finance, on Friday cut interest rates for new loans by 0.5% effective from 1 August.
With this, for customers opting for floating rate loans between Rs30 lakhs and Rs75 lakhs, the new rates will be 8.75% as against 9.25%.
For three-year fixed or floating scheme loans between Rs30 lakh upto Rs75 lakh, the new rate will be 8.90% against 9.5% earlier, a company press release said.
“The decision has been taken in view of the prevailing market conditions,” an LICHF official said.
Country’s premier home loans lender, HDFC, has also cut interest rates on loans between Rs30 lakh-Rs50 lakh by 0.50% from 12 August.
The new rate accordingly stands at 9% from the earlier 9.5%, an HDFC source said.
For loans up to Rs15 lakh, the rate remains unchanged at 8.75% and for loans between Rs15-30-lakh, the rate remains at 9%, the source said.