DHFL makes home loan cheaper at 9.35%

The revised rate will be available for loans up to Rs 30 lakh, and will be applicable from October 11, 2016, the company said in a statement.

NEW DELHI: Dewan Housing Finance Corporation Ltd (DHFL) has reduced its interest rates by 20 bps to 9.35% for new customers, following the rate cut by the Reserve Bank of India (RBI).

The revised rate will be available for loans up to Rs 30 lakh, and will be applicable from October 11, 2016, the company said in a statement.

“Further to the recent announcement made by the Reserve Bank of India to cut the interest rates, this step taken by DHFL will enable it to pass on the benefit to its end consumers,” said Harshil Mehta, chief executive officer, DHFL.

The apex bank on Tuesday cut the repo rate, or the rate at which it lends to banks, by 25 basis points to 6.25%, taking the total reduction to 175 basis points since January 2015. However, banks have passed on the benefit of just 70 basis points to their customers till now.

ICICI Bank was the first to act after the RBI rate cut, reducing its marginal cost of fund based lending rates (MCLR) by 5 basis points effective from October 1.

Bank of India and Syndicate Bank followed suit, reducing their MCLR in the range of 5 to 10 basis points.

DHFL, which operates in the affordable housing loan segment, recently raised Rs 14,000 crore from two public non convertible debenture (NCD) issuances.

Source: http://realty.economictimes.indiatimes.com/news/allied-industries/dhfl-makes-home-loan-cheaper-at-9-35/54727441

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