Mumbai: LIC Housing Finance on Saturday said it has reduced rate of interest on new home loans by 50 basis points. With this revision, interest rates on new home loan sanctions will now start from 7.50 per cent, effective June 19, coinciding with the company's 36th Foundation Day. This move follows the recent repo rate cuts announced by the RBI's Monetary Policy Committee (MPC), with LIC HFL passing on the benefit to new home loan customers to encourage home ownership and improve affordability. "As we mark our 36th Foundation Day, we remain committed to making home ownership more accessible. The rate cut is a continuation of our effort to align with RBI's policy direction and pass on the benefits to our customers," said Tribhuwan Adhikari, MD and CEO, LIC Housing Finance.