LIC Housing Finance PLR Rates, LIC Housing Finance PLR – Mar 2020
LIC Housing Finance PLR Rate
27th March 2020 – RBI cuts Repo Rate by 75 bps to 4.4%
Current PLR rate of LIC Housing Finance is 14.70%, which the bank fixes periodically based on its internal cost of funds and the current interest rates in the economy. LIC Housing Finance benchmarks its interest rates for home loan and other loans to PLR rates.
| PLR | 14.70% * | History |
LIC Housing Finance Interest Rates
LIC Housing Finance Interest Rates
| Home Loan Interest Rates | 8.10% * Floating | Detail |
| Loan Against Property Rates | 9.50% * Floating | Detail |
| Fixed Deposit Interest Rates | 7.50% to 7.60% | Detail |
PLR of LIC Housing Finance
- LIC Housing Finance decides and fixes its own PLR from time to time.
- RBI does not decide the PLR Rate of any NBFC or HFC. RBI only announces the repo rate, which influences the cost of raising new funds for the housing finance company. HFCs may or may not decide to change their PLR rate in response to changes in the repo rate.
- Effective 1st April 2016, banks has been directed by RBI to fix their loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the banks fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. However, Housing Finance Companies and NBFCs continue to offer loans at PLR rates.
- LIC Housing Finance typically offers loans benchmarked at a discount to the PLR to arrive at its lending rate.
LIC Housing Finance PLR Rate Trend
| Date | RBI Repo Rate | LIC Housing Finance PLR Rate |
|---|---|---|
| 27th Mar 20 | 0.75% | |
| 04th Oct 19 | 0.25% | |
| 07th Aug 19 | 0.35% | |
| 06th Jun 19 | 0.25% | |
| 04th Apr 19 | 0.25% | |
| 07th Feb 19 | 0.25% | |
| 24th Jan 19 | 14.70% 0.5% | |
| 01st Aug 18 | 0.25% | |
| 06th Jun 18 | 0.25% | |
| 02nd Aug 17 | 0.25% | |
| 04th Oct 16 | 0.25% | |
| 05th Apr 16 | 0.25% | |
| 10th Oct 15 | 14.20% 0.3% | |
| 29th Sep 15 | 0.5% | |
| 02nd Jun 15 | 0.25% | |
| 04th Mar 15 | 0.25% | |
| 15th Jan 15 | 0.25% | |
| 28th Jan 14 | 0.25% | |
| 29th Oct 13 | 0.25% | |
| 01st Oct 13 | 14.50% |
- MyLoanCare regularly tracks RBI repo rates and PLR rates of LIC Housing Finance to give past trend in the change in LIC Housing Finance PLR rates as compared to the changes in the repo rates. Any borrower, who plans to take a PLR based loan should compare the past trends of PLR and MCLR rates of HFCs and banks to ensure that the lender they choose is prompt in revising their PLR or MCLR rates.
- Based on an analysis and comparison of PLR rate trends of LIC Housing Finance Current PLR Rate of LIC Housing Finance is 14.70%, which was last revised on 01st Jan 20. On the other hand, current RBI Repo Rate is 4.40% which was last revised on 27th Mar 20.
- It is not mandatory for LIC Housing Finance to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.
LIC Housing Finance Interest Rates- Benchmarked to PLR Rates
- LIC Housing Finance PLR rate is notional interest rate to which interest rate on LIC Housing Finance’s floating rate loans is benchmarked. Typically, all loans by LIC Housing Finance are priced at a discount to the LIC Housing Finance PLR.
- Applicable rate of interest on all LIC Housing Finance floating rate loans, such as home loans, loans against property, business loans, SME loans linked to PLR will vary with changes in its PLR from time to time.
- Sometimes, LIC Housing Finance may have different benchmark PLR’s by customer segment and by product. E.g., it may have one PLR for retail and another one for corporate.
LIC Housing Finance Home Loan Interest Rate and PLR
- Every floating rate home loan sanctioned by LIC Housing Finance is benchmarked to its PLR rate.
- The applicable rate of interest on a floating rate home loan will consist of two parts – the applicable PLR and a spread or margin (which is typically negative in case of NBFC’s and HFC’s).
- Your loan from LIC Housing Finance will be repriced periodically depending upon change in PLR. So, a home loan from LIC Housing Finance will be repriced every time the PLR of changes. Say, you take a loan at PLR minus 6.75% spread when the PLR is 14.70%. This loan will initially be priced at 7.95%. Whenever LIC Housing Finance changes in PLR rate, the applicable rate of interest will change correspondingly. So in the same illustration, if LIC Housing Finance decreases its PLR by 0.5%, the loan interest rate for existing borrowers will also decline by 0.5% and new applicable interest rate on the loan will be 7.45%.
Compare PLR Rate Movement
Compare LIC Housing Finance PLR Rates with Other Banks
- Allahabad Bank
- Andhra Bank
- AU Small Finance Bank
- Axis Bank
- Bajaj Finserv
- Bandhan Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Cholamandalam
- Citibank
- Corporation Bank
- DBS Bank
- DCB Bank
- Dhan Laxmi Bank
- DHFL
- Edelweiss
- Equitas Small Finance Bank
- ESAF Small Finance Bank
- Federal Bank
- Fincare Small Finance Bank
- GIC Housing Finance
- HDFC
- HDFC Bank
- HSBC Bank
- ICICI Bank
- IDBI Bank
- IDFC First Bank
- IIFL
- Indiabulls
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- Jammu And Kashmir Bank
- Jana Small Finance Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Bank
- Lakshmi Vilas Bank
- LIC Housing Finance
- LT Housing Finance
- OBC
- Piramal Housing Finance
- PNB
- PNB Housing Finance
- Punjab and Sind Bank
- RBL Bank
- SBI
- South Indian Bank
- Standard Chartered Bank
- Syndicate Bank
- UCO Bank
- Ujjivan Small Finance Bank
- Union Bank of India
- United Bank of India
- Yes Bank
About LIC Housing Finance
- LIC Housing Finance's registered office is located at Maker Tower-F, 13th Floor, Cuffe Parade, Mumbai-400 005 Maharashtra.
- LIC Housing Finance's management is led by its CEO Mr. Siddhartha Mohanty.
- Its current Base Rate is 10.25%, which was last revised on 05th Oct 15.
