NRI Real Estate and Property Investment in India
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Home loan rates likely to be cut: HDFC
Thursday, July 26, 2007

A 35 percent dip in home loan disbursals in the first quarter has propelled HDFC to ponder cutting its home loan interest rates. The fall however is less than the 42 percent dip witnessed by ICICI Bank.

Both lenders disbursed together loans worth Rs 10, 000 crore; Rs. 6, 000 crore less than in the previous quarter. HDFC, the country’s premier mortgage lender said the reduction would depend on the decision taken by the RBI on the cash reserve ratio.

If the CRR is increased, interest rates might not be lowered. Lowering the home loan rates is expected to lure customers who have been adopting a wait and watch policy till now.

Increased interest rates during the previous fiscal and hiked property rates had made customers wary of buying homes. While HDFC is yet to decide on the cut, Corporation Bank has already reduced its lending rates on floating home loans by a quarter per cent.

Loans upto Rs.20 lakh stand at 10.25%, while interest rates on loans above Rs.20 lakh have been revised to 11.25% per annum with effect from 23rd July, 2007. The rates apply to loans with tenure of 5 to 15 years.

Related Readings

»0.5 % Hike in CRR, key bank rates unchanged: RBI
»ICICI Raises Interest on NRI Deposits; Lowers Floating Loan Rates

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