MUMBAI: LIC Housing Finance (LHFL) on Tuesday said it has slashed interest rates on home loans by up to one per cent with effect from February 1.
With this, the floating rate for loans up to Rs 30-lakh will now be 8.75 per cent as against 9.75 per cent earlier.
For loans above Rs 30 lakh, the new rate will be in the range of 9.5-9.75 per cent as against 11.25 per cent earlier, LIC Housing Finance's Director and Chief Executive R R Nair said.
The lender expects a loan growth of 15-18 per cent in this quarter while for the full fiscal, the growth is expected to be in the range of 26-30 per cent, Nair said.
The company has also plans to significantly reduce its non-performing assets in the period ahead. It has targeted a net NPA level of 0.5 per cent by end-March, while the gross NPAs are likely to decline to 1.5 per cent.
The gross and net NPA levels of the lender stood at 1.69 per cent and 0.73 per cent, respectively as on December 31.
https://economictimes.indiatimes.com/Personal_Finance/Loan_Centre/Home_Loans/Home_Loans_News/LHFL_slashes_home_loan_rates_by_1/articleshow/4071596.cms
CAclubindia
