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Good news for home loan borrowers, LIC Housing Finance reduces rate to all-time low of 6.90%

Mohanty said there has been a softening of cost of funds after reduction in repo rates by RBI in recent months. The company's cost of fund currently stands at around 5.6 percent.

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India's leading housing finance mortgage loan firm LIC Housing Finance Ltd (LICHFL) on July 22 announced it has reduced interest rate to an all-time low of 6.90 percent for new home loan borrowers having CIBIL score of 700 and above.

The rate of interest for home loans up to Rs 50 lakh starts from 6.90 percent for borrowers with a CIBIL score of 700 and above, it said in a statement.

The firm said for a loan above Rs 50 lakh, the rate of interest is 7 percent onwards for a similar score.

"Home loan interest rates are at an all-time low for the company and thereby resulting in low EMI payment. Attractive price points and affordable EMI will aid in addressing the demand side for buying homes," LICHFL Managing Director and Chief Executive Officer (CEO) Siddhartha Mohanty said.