Good news for homebuyers and existing homeowners! LIC Housing Finance has announced a major cut in its prime lending rates, offering significant relief to borrowers. Effective from April 28, 2025, the new home loan interest rates will now start from an attractive 8%.
This strategic move comes after the Reserve Bank of India (RBI) reduced the repo rate to 6%, prompting several lenders, including LIC Housing Finance, to pass on the benefits to customers. Here's a detailed look at what this means for you:
New Interest Rates Across Different Loan Products
Standard Home Loans: Rates starting at 8%.
Griha Suvidha Loan: Interest rates from 8.85%.
Home Loan for Pensioners: Special rates starting at 8.50%.
Renovation and Extension Loans: Between 8.50% and 8.60%.
Top-up Loans: Ranging from 9.70% to 11.55%.
Plot Loans: Available at rates between 8.70% and 8.80%.
Impact on EMI
The rate cut is a boon for both new and existing customers. For instance, if you have a home loan of Rs 30 lakh, your monthly EMI could reduce by approximately Rs 495. This reduction can lead to significant long-term savings and make homeownership more affordable.
Why This Matters
With borrowing costs coming down, this is an excellent time for potential homebuyers to consider purchasing property or for current homeowners to explore refinancing options. Lower EMIs mean better cash flow, allowing you to manage finances more effectively.
Final Thoughts
LIC Housing Finance's decision to lower home loan interest rates aligns perfectly with the current low-interest environment. If you've been thinking about buying a home, renovating your existing property, or securing a top-up loan, now might be the perfect time to act.
Stay updated with the latest home loan offers and make the most of these new, lower rates starting April 28, 2025!