After the Reserve Bank of India (RBI) hiked repo rates, several banks and housing finance companies too have announced revised lending rates.
LIC Housing Finance Ltd (LIC HFL) has announced it has revised the rate of interest for its loan products on the back of the Reserve Bank of India’s (RBI) announcement on 4th May 2022, revising the repo rate.
The new interest rate on home loans starts from 6.9 percent with effect from May 13, 2022.
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Indiabulls Housing Finance has announced it has revisef its Reference Rates on Housing Loans and Loans Against Property by 40 basis points.
The new rates will be applicable for existing borrowers from 1st June 2022 onwards.
In an out of turn Monetary Committee Meeting (MPC), the Reserve Bank announced to hike the benchmark repo rate — the short term lending rate it charges to banks — by 0.40 percent to 4.40 percent with immediate effect, aimed at taming the rising inflation caused by the global geopolitical situation.
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The geopolitical situation caused by Russia’s invasion of Ukraine is weighing on the economy and steps are being taken to mitigate the impact. The current rate increase will have a direct impact on the EMIs, analysts said.
