Housing Development
Finance Corp, (HDFC) the nations biggest mortgage lender, cut its lending rates
for loans up to Rs. 75 lakh for a limited period, a day after State Bank of
India (SBI) lowered rates and offered discount for women.
The reduction by HDFC
comes a day after the Reserve Bank of India (RBI) decided to push the pause
button on raising interest rates, and is a turnaround from its decision to
raise rates by 0.1% points just 18 days before.
HDFC will now charge
10.25 % for loans up to.75 lakh, down from 10.75%. These rates are applicable
for applications submitted up to January 31, 2013 .The first disbursement has
to be availed before February 28, it said in a statement.
HDFC was charging
10.5 % for loans up to.30 lakh and 10.75 % for loan between Rs. 30 lakh and.
Rs. 75 lakh.
SBI has lowered rates
for up to Rs. 75 lakh to 10.15 %,from 10.5 %.
Lenders facing
sluggish demand from the corporate sector are pushing retail loans, especially
mortgages, since they seem to be the safest in an economy struggling to grow at
5 %.
In an uncertain
scenario, several lenders are keeping these windows of special offer for a
short while retaining the right to raise whenever warranted.
On Thursday, SBI and
HDFC said the slab for lower interest has also been raised from Rs. 30 lakh to
Rs. 75 lakh and now a uniform interest rate on home loans up to Rs. 75 lakh is
being charged. New rates are effective immediately.
The interest rates
for women would be lower by 0.05% points at 10.10 % for loans up to Rs. 75 lakh
and 10.25 % for loans above. Rs. 75 lakh.To avail lower rate, a woman customer
has to be a solo borrower or / first
co-applicant or first co-owner of the property, SBI said.
The new rates are
0.15% -0.25% lower then the prevailing rate of interest. At present, SBI
charges 10.30 % for loans up to Rsw. 30 lakh and 10.50 % for loans above Rs. 30
lakh.
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