Taking home loan from LIC Housing Finance becomes expensive: Know how much EMI will be made.: LIC Housing Finance Limited has increased the home loan interest rates by 50 basis points. Since then home loan rates have increased from 7.50% to 8%.
The hike in interest rates will increase the EMI on your housing loan. SBI, ICICI and Bank of Baroda have already hiked home loan interest rates.
CIBIL score will be used to determine interest
Home loans up to Rs 50 lakh from LIC Housing are offered at an interest rate of 8.05%, while loans between Rs 50 lakh and Rs 2 crore are charged at an interest rate of 8.25%.
A CIBIL score of 700 or above is required for salaried and professional borrowers. However, those with a CIBIL score of 700 or above are eligible for 8% interest rate under the Advantage Plus scheme of housing from LIC.
For those with a CIBIL score between 600-699, the interest rate on home loans up to Rs 50 lakh is 8.30%, and for Rs 50 lakh to Rs 2 crore it is 8.50%.
In case of home loan between Rs 50 lakh and Rs 2 crore, the interest rate is 8.75% for CIBIL score below 600 and 8.95% for score above 600.
Understand here how much more interest and installment will have to be paid
| Loan Amount (in Rs.) | Duration | Interest Rate (in %) | Installment (EMI) | Total Interest (in Rs.) | Total amount to be paid (in Rs.) |
| 10 lakh | 10 years | 7.50 | 11,870 | 4.24 lakh | 14.24 lakh |
| 10 lakh | 10 years | 8.00 | 12,133 | 4.56 lakh | 14.56 lakh |
Understand here how much more interest and installment will have to be paid
| Loan Amount (in Rs.) | Duration | Interest Rate (in %) | Installment (EMI in Rs.) | Total Interest (in Rs.) | Total amount to be paid (in Rs.) |
| 2 million | 20 years | 7.50 | 16,112 | 18.67 lakh | 38.67 lakh |
| 2 million | 20 years | 8.00 | 16,729 | 20.15 lakh | 40.15 lakh |
Note: This calculation is based on the EMI calculator of LIC Housing Finance.
At what rate of interest are other banks giving loans?
| Bank | Rate of interest (%) |
| bank of india | 7.80 |
| bank of maharashtra | 7.80 |
| Union Bank of India | 7.90 |
| UCO Bank | 7.90 |
| Bank Of Baroda | 7.95 |
| PNB Housing Finance | 7.99 |
| SBI | 8.05 |
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