Indiabulls reduces home loan interest rate

COIMBATORE: Indiabulls Housing Finance (IBHFL), a leading housing finance company in the country, has announced that it has revised its home loan rate to 9.15%, a reduction of 15 basis points or 0.15% for its customers, effective November 4. The new interest rates will be 9.15% for loan amount of up to Rs 28 lakh and 9.2% for loans from Rs 28 lakh to Rs 75 lakh. For women, the interest rate will be 9.15% for loan amount of up to Rs. 75 lakh. The interest rate for loan amount ranging from Rs 75 lakh to Rs 5 crore will be 9.3%.

The interest rate will be 9.35% for others for loan amount ranging from Rs 75 lakh to Rs 5 crore. “We have always strived to provide our customers with superior services and the most competitive rates. A reduction of 15 basis points in our interest rates is an effort to pass on greater benefits to our customers,” said Gagan Banga, vice-chairman and managing director, Indiabulls Housing Finance.

“A positive economy and falling interest rates will give affordable housing an impetus and we are poised to cater to this expected increase in demand,” he said. IBHFL said that it has explored multiple ways to reduce the cost of loans for its customers this year. “Introducing the technology led ‘e-Home Loans’, diversifying its borrowing portfolio and the general push towards greater efficiency have all resulted in greater effectiveness and in turn, cheaper loans,” it said.

The company said it is focusing on increasing the breadth of its home loan product in existing cities by catering to a ticket size of up to Rs 50 lakh as well as expanding to newer tier-II & tier-III cities with ‘Smart City Home Loan’ led by technology leveraged lean branches. “The smart city plan covering 100 Indian cities will open up opportunities for growth and boost demand for new residences in these cities,” IBHFL stated.

Credits ET Realty

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