New Delhi: Days after Housing Development Finance Corporation or HDFC Ltd announced a hike in its Retail Prime Lending Rate (RPLR) on Housing Loans by 30 basis points, Life Insurance Corporation Housing Finance Ltd (LIC HFL) has also announced to raise the rate of its loan products. This follows the Reserve Bank of India’s (RBI) revision of repo rate. On May 4, RBI Governor Shaktikanta Das said that the bank’s monetary policy committee in an off-cycle meet decided to hike the repo rate by 40 bps to 4.40 per cent. LIC HFL’s latest revised home loan interest rates now start from 6.9 per cent, 0.2 per cent up from the previous 6.7 per cent and will be effective from Friday, May 13. The company said, “LIC Housing Finance Ltd (LIC HFL), one of India’s largest Housing Finance companies, 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.” Accordingly, LIC HFL has revised its rates of interest upwards across retail loan product categories. LIC HFL MD and CEO Y Viswanatha Gowd further said, “RBI has after a long time increased the policy rates and the effect is being seen across the lenders. We have kept our home loan rates competitive despite the increase in the cost of funds to support the aspirations of home buyers.” For people having a good CIBIL score of 700 and above, LIC HFL has limited the rate hike to only 20 bps. In my view, this increase may not have a significant impact on the EMI outgo. I am confident that demand for home loans continues to be high, the CEO added. The central bank held an off-cycle MPC meeting between May 2 and May 4 during which it decided to increase interest rates by 40 bps to 4.40 per cent due to rise in inflation. Several banks including HDFC Bank, Punjab National Bank, Canara Bank, Union Bank, BoI have also hiked home loan interest rates.