LIC Housing Finance Limited today announced a reduction in Interest Rates for its existing Home Loan borrowers consequent to a reduction in its cost of funds and improvement in operational efficiencies. The Floating Interest Rates for existing customers would be reduced by 50 basis points on EMIs falling due on 1st July 2009, payable on 1st August 2009.
With this latest reduction, the third one announced by the Company in the calendar year, the total reduction reaches 200 basis points in last six months. The Company had earlier reduced 150 basis points for its existing Home Loan borrowers in two tranches of 75 basis points each in January & April 2009.
