Friday, August 14, 2009

HDFC reduces interest rates to 9% per annum for Rs 30-50 lakh home loans

Home loan major Housing Development Finance Corp (HDFC) has cut interest rates by 50 basis points (100 basis points = 1%) for the Rs 30 lakh-Rs 50 lakh slab. The new rate for this bracket will be 9% per annum, down from 9.5% earlier, a senior HDFC official said.

Earlier, HDFC had three slabs for home buyers. It charged 8.75% per annum for loans up to Rs 15 lakh, 9% for loans between Rs 15 lakh and Rs 30 lakh and 9.5% for loans of over Rs 30 lakh. Now the mortgage finance major has introduced a new slab of loans at 9% for Rs 15 lakh and Rs 50 lakh.

After this rejig, only home buyers opting for loans of over Rs 50 lakh will pay an interest rate of 9.5%.
To read more, please, visit - The Times of India

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