New Delhi, April 25 (HS): LIC Housing Finance Limited, a housing loan company, announced on Friday a reduction of 0.25 percent in its home loan rates. This action follows a cut in the repo rate by the Reserve Bank of India (RBI). The new rates will be effective from April 28.

One of the largest housing finance companies in the country, LIC Housing Finance stated in a release that this change will apply to various home loan schemes, including the New Fixed 10 scheme. The reduction in the LIC Housing Prime Lending Rate (LHPLR) will benefit both existing and new borrowers, as it will make home loans more affordable. According to the company, the revised interest rates will now start from 8 percent, effective from April 28. The LHPLR serves as the benchmark rate for determining interest rates on all types of loans.

LIC Housing Finance Limited (LIC HFL) is one of the largest housing finance companies in India and is a subsidiary of LIC. The company primarily provides housing loans to individuals seeking financing for purchasing or constructing residential homes, i.e., flats.

Hindusthan Samachar / Jun Sarkar