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This is an archive article published on August 8, 2011

LIC Housing Fin hikes lending rates by up to 50 bps

Loan under Rs 30 lakh will be charged at 10.65% while over Rs 30 lakh will be charged 11%.

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Mortgage lender LIC Housing Finance on Monday raised its lending rate by up to 50 basis points,in line with peers.

Under the new rate slabs,a loan under Rs 30 lakh will be charged an interest of 10.65 per cent per annum while those over Rs 30 lakh but under Rs 75 lakh will be charged 11 per cent,a statement issued here said.

A loan above Rs 75 lakh will be charged 11.50 per cent,it added.

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Mortgage major HDFC had come out with a similar announcement last week,following the Reserve Bank’s July 26 announcement of hiking its key rates by a higher than expected 50 basis points.

The RBI has hiked its key rates a record 11 times over since March 2010 in order to tame the uncomfortable inflation number,which stood at 9.44 per cent for June.

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