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Leading home loans provider LIC Housing Finance on Friday cut interest rates for new loans by 0.5 per cent effective from August 1.
With this, for customers opting for floating rate loans between Rs 30 lakh and Rs 75 lakh, the new rates will be 8.75 per cent against 9.25 per cent.
For three-year fixed or floating scheme loans between Rs 30 lakh up to Rs 75 lakh, the new rate will be 8.90 per cent against 9.5 per cent earlier, a release said.
"The decision has been taken in view of the prevailing market conditions," an LICHF official said.
Another home loan lender HDFC has also cut interest rates on loans between Rs 30 lakh and Rs 50 lakh by 0.50 per cent from August 12.
The new rate accordingly stands at 9 per cent from the earlier 9.5 per cent, an HDFC source said.
For loans up to Rs 15 lakh, the rate remains unchanged at 8.75 per cent and for loans between Rs 15 lakh and 30-lakh, the rate remains at 9 per cent, the source said.