LIC HFL raises loan interest by 0.50%

New Delhi: Mortgage lender LIC Housing Finance raised its interest rates by 0.50 percent on Friday, hours after a similar move by the RBI.

The company increased the LIC Housing Prime Lending Rate (LHPLR) by 0.50 percent. LHPLR is the reference rate to which the interest on LIC HFL’s loans is linked.

Director and chief executive Y Viswanatha Gowd said the increase is in line with prevailing market conditions.

“We expect this trend to stabilize quickly. We are ensuring that our products are priced appropriately so that EMI spending for our customers remains reasonable,” he said.

The MD added that the company is confident that sentiment in the real estate sector will be strong during the holiday season and that fundamentals of the Indian economy will remain strong.

The Reserve Bank of India (RBI) on Friday raised its benchmark lending rate by 50 basis points, its fourth straight rise since May, as it continued its battle to contain stubbornly high inflation.

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