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IDBI`s home finance subsidiary reduces interest rates to 7.75%
Mumbai, Nov 05: IDBI`s home finance subsidiary has cut its floating interest rates by 0.5 per cent across all slabs.
Mumbai, Nov 05: IDBI's home finance subsidiary has
cut its floating interest rates by 0.5 per cent across all
slabs.
The revised interest rate, which comes into effect from
yesterday, for upto five year loan tenure is 7.75 per cent
(earlier 8.25 per cent), a press release issued by IDBI Homefinance Ltd (earlier known as Tata Homefinance Ltd) said,
quoting managing director and CEO, M Rego.
The new rates for 6-10 years, 10-15 years and 15-20 years are 8.25 per cent, 8.5 per cent and 8.75 per cent respectively, he said.
The company has disbursed loans aggregating Rs 110 crore in the first seven months ending October of the current fiscal, he said, adding, the total portfolio stood at Rs 460 crore.
IDBI had taken over Tata Homefinance in September 2003. Immediately after takeover, the company announced an interest rate cut from 9.75 per cent to 8.25 per cent on September 17, 2003 for five year loans.
The IDBI subsidiary has 16 branches in 12 cities.
Bureau Report
The new rates for 6-10 years, 10-15 years and 15-20 years are 8.25 per cent, 8.5 per cent and 8.75 per cent respectively, he said.
The company has disbursed loans aggregating Rs 110 crore in the first seven months ending October of the current fiscal, he said, adding, the total portfolio stood at Rs 460 crore.
IDBI had taken over Tata Homefinance in September 2003. Immediately after takeover, the company announced an interest rate cut from 9.75 per cent to 8.25 per cent on September 17, 2003 for five year loans.
The IDBI subsidiary has 16 branches in 12 cities.
Bureau Report