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India’s largest mortgage provider LIC Housing Finance has increased its 0.35 percent in a bit to keep up with its competitors. This change comes on the heels of other private banks such as HDFC increasing their marginal lending rates. The minimum interest rate for the best-rated borrower will now begin at 8.65 percent. Since May 2022, the Reserve Bank of India has increased the repo rate at which it loans to the system, five times in a row by a total of 2.25 percent resulting in banking and non-banking financial institutions to raise their interest rates.
India’s largest mortgage provider LIC Housing Finance has increased its 0.35 percent in a bit to keep up with its competitors. This change comes on the heels of other private banks such as HDFC increasing their marginal lending rates. The minimum interest rate for the best-rated borrower will now begin at 8.65 percent.
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Y Viswanatha Gowd, managing director and chief executive of the company claimed that the rate hike was in line with market conditions. He continued by saying that the real estate industry is now experiencing a healthy level of home purchase activity.
It should be noted that since May 2022 the Reserve Bank has increased the repo rate at which it loans to the system, five times in a row by a total of 2.25 percent. The system's lenders have reacted to the hikes caused by the RBI.
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