LIC Housing Fin cuts lending rates by 75 bps
The Hindu Business Line, March 17, 2009, Page 6
Our Bureau
Mumbai, March 16 LIC Housing Finance has reduced lending rates by 75 basis points for its existing borrowers. The company’s existing borrowers will now get loans at 10-10.5 per cent, depending on the profile of the customers and the housing project, said Mr R.R. Nair, Director and Chief Executive, LIC Housing Finance.
Before the reduction, the rates were in the range of 10.75-11.25 per cent. “As our cost of funds has come down, we are passing the benefit to our borrowers. Our incremental cost of funds is in the range of 8.25-8.75 per cent”, Mr Nair said. For new home loan borrowers, LIC HF offers a loan of up to Rs 30 lakh at 8.75 per cent. For loans above Rs 30 lakh, the interest rate is 9.75 per cent.
The Hindu Business Line, March 17, 2009, Page 6
Our Bureau
Mumbai, March 16 LIC Housing Finance has reduced lending rates by 75 basis points for its existing borrowers. The company’s existing borrowers will now get loans at 10-10.5 per cent, depending on the profile of the customers and the housing project, said Mr R.R. Nair, Director and Chief Executive, LIC Housing Finance.
Before the reduction, the rates were in the range of 10.75-11.25 per cent. “As our cost of funds has come down, we are passing the benefit to our borrowers. Our incremental cost of funds is in the range of 8.25-8.75 per cent”, Mr Nair said. For new home loan borrowers, LIC HF offers a loan of up to Rs 30 lakh at 8.75 per cent. For loans above Rs 30 lakh, the interest rate is 9.75 per cent.
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