LIC Housing Finance cuts lending rates

On the heels of public sector banks slashing home loan rates, LIC Housing Finance has announced a 1.75-2.25 percentage point cut in lending rates for home loans up to Rs 20 lakh from December 17.

“We have reduced our lending rates with effect from December 17. For a five-year term, our lending rate for loans up to Rs 20 lakh is 9.25 per cent and for those beyond five years, the rate will be 9.75 per cent,” said LIC Housing Finance Director and Chief Executive R R Nair.

For loans above Rs 20 lakh, the rate has been reduced from 11.50 per cent to 11.25 per cent, Nair said.