Public sector housing finance firm Housing and Urban Development Corporation has reduced interest rates on home and project loans by 50 to 125 basis points with effect from January 1, 2009.
Hudco Chairman and Managing Director K.L. Dhingra announced the revised rates of interest and said they would be effective from January 1, 2009, according to the statement.
“Hudco has reduced its rate of interest on project loan by 50 basis points and individual home loan (Hudco Niwas) between 100 and 125 basis points for loans up to Rs 20 lakh for floating rate of interest,” it said in a statement.
For home loans up to five years, the interest rate has been lowered to 10.25 per cent from 11.50 per cent, a cut of 125 basis points, a senior official of the housing and infrastructure lender said.
For home loans with payback period beyond five years, the interest rates have been cut by 100 bps to 10.75 per cent from 11.75 per cent.
Though there has been no change in rates for Hudco’s lending to private commercial sector, interest rates for project loans to government sector has been cut by 50 basis points.
Filed under: Home loan, Home loan India, Home loan rates | Tagged: home loans, Hudco, interest rate
