India’s largest housing finance company HDFC has reduced home loan rates by as much as 150 basis points (ie 1.5%).
So now, the floating rate for home loans has come down from 11.25% to 9.75%, which is the same level as in 2006.
Real estate advisers say the maximum benefit from this rate cut will be for those people looking for home loans between Rs 20 to Rs 30 lakh.
For home loans below Rs 20 lakh, the reduction is 50 basis points as the earlier rate was 10.25%.
This home loan rate cut by HDFC comes on the back of two successive 50 basis point cuts in deposit rates in recent weeks.
This development is also likely to help the troubled real estate sector by getting them some much needed liquidity.
Now far fewer people are buying real estate, and it is good that the banks reduce the interest on the loan. Many people laid off from work and find it difficult to pay loans, but with decreasing rates, people will be easier to pay.
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Please mail me home loan rates for 20 years of 25lakhs
this is good news – decrease in interest rates will make it possible for more people to get their own homes.
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