Mumbai, Sept 16: Tata Home Finance (THFL), a wholly-owned subsidiary of Industrial Development Bank of India (IDBI), has reduced the variable interest rates on home loans and introduced a tenor-based pricing effective from Wednesday. The revised variable interest rates for loans up to five years is 8.25 per cent per annum, above five years and up to 10 years is 8.75 per cent, above 10 years and up to 15 years is nine per cent and above 15 years and up to 20 years is 9.25 per cent, the company said in a release on Tuesday.

The company has also decided to pass on the benefit of the reduced interest rate to the existing customers from the current variable rate of 9.75 per cent to 9.25 per cent with effect from October one, 2003, it added.
A senior company official said disbursements in the current fiscal stood at Rs 75 crore while the cumulative disbursements were to the tune of Rs 650 crore.
THFL has 16 branches in 12 cities and as on March 31, 2003, it had a zero non-performing asset level with a capital adequacy of 20.8 per cent. Bureau Report