mortgage lender Bajaj Housing Finance and on Monday announced a 0.50 percent increase in each lending rate, The revision comes amid rising interest rates scenario, which has prompted the RBI to hike its prime lending rate by 1.40 per cent from May to contain inflation.

According to an official statement, Bajaj Housing Finance increased its rate by 0.50 per cent, and the lowest priced product for salaried and professional applicants will now be 7.70 per cent.

Despite the latest hike, the company claimed to offer loans at competitive rates as compared to most of its peers.

LIC Housing Finance has hiked its Prime Lending Rate (LHPLR) by 0.50 per cent and the new interest rates on home loans will now start at 8 per cent, from 7.50 per cent earlier.

The company’s chief executive and managing director Y Vishwanath Gaur said the RBI’s decision to hike the repo rate by 0.50 per cent has resulted in “minimal fluctuations” in the monthly installments or tenure of the home loan and is confident that housing demand remains strong. Will stay