Home Loan: The Reserve Bank of India (RBI) cut the repo rate for the second consecutive time at the beginning of this month, after which all major public and private banks started cutting interest rates on their loans. Following this cut, banks have also started giving relief to their customers on loans’ equated monthly instalment (EMI). The RBI reduced the repo rate from 6.25 per cent to 6 per cent in the MPC meeting early this month.
LIC Housing Finance reduced interest rates
LIC Housing Fin said today (Friday, April 25, 2025) that the company had reduced home loan interest rates for its customers by 25 basis points.
Now customers will get loans at a starting rate of 8 per cent.
The new interest rates are applicable from April 24.
Canara Bank also gave relief
PSU lender Canara Bank has also given relief to its home and auto loan customers. The bank said that its home loans will now start from 7.90 per cent and auto loans from 8.20 per cent.
Home loan calculations
As LIC Housing Finance reduced its loan rates by 25 basis points. Let’s see what the revised EMIs will be for floating rate home loans in the range of Rs 30 lakh-Rs 1 crore taken at a 10 per cent interest rate for 20 years.
Rs 30 lakh LIC Housing Finance home loan EMI
Earlier (At 10% rate)- Rs 28,950.65
Now (At 9.75% rate)- Rs 28,455.51
Rs 40 lakh LIC Housing Finance home loan EMI
Earlier (At 10% rate)- Rs 38,600.87
Now (At 9.75% rate)- Rs 37,940.67
Rs 50 lakh LIC Housing Finance home loan EMI
Earlier (At 10% rate)- Rs 48,251.08
Now (At 9.75% rate)- Rs 47,425.84
Rs 60 lakh LIC Housing Finance home loan EMI
Earlier (At 10% rate)- Rs 57,901.30
Now (At 9.75% rate)- Rs 56,911.01
Rs 70 lakh LIC Housing Finance home loan EMI
Earlier (At 10% rate)- Rs 67,551.52
Now (At 9.75% rate)- Rs 66,396.18
Rs 80 lakh LIC Housing Finance home loan EMI
Earlier (At 10% rate)- Rs 77,201.73
Now (At 9.75% rate)- Rs 75,881.35
Rs 90 lakh LIC Housing Finance home loan EMI
Earlier (At 10% rate)- Rs 86,851.95
Now (At 9.75% rate)- Rs 85,366.52
Rs 1 crore LIC Housing Finance home loan EMI
Earlier (At 10% rate)- Rs 96,502.16
Now (At 9.75% rate)- Rs 94,851.69
