New Delhi: Matching up to the cheapest home loans provided by SBI, Indiabulls Housing Finance (IBHFL) Friday slashed the lending rate for housing to 9.15 percent, bringing EMI down to Rs 815 per Rs 1 lakh.


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"Indiabulls Housing Finance Limited (IBHFL) announces revising home loan rate of 9.15 percent, a reduction of 15 basis points for its customers, effective November 4," the company said in a release.


The race has been hotting up in the housing loan market, with SBI offering the cheapest loan to customers at 9.15 percent earlier this week, which was later followed by peers ICICI Bank and mortgage lender HDFC.


The new interest rates offered by Indiabulls Housing Finance will be 9.15 percent for loans ranging from Rs 28 lakh to Rs 75 lakh for women.


For other customers, it will be 9.15 percent for up to Rs 28 lakh and be raised to 9.20 percent for over Rs 28 lakh and up to Rs 75 lakh.


For housing loans over Rs 75 lakh and up to Rs 5 crore, women customers will have to pay interest of 9.30 percent. For others, it will be 9.35 percent.


"A reduction of 15 basis points in our interest rates is an effort to pass on greater benefits to our customers. 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," said Gagan Banga, Vice-Chairman and MD, Indiabulls Housing Finance.


The company said this year it has explored multiple ways to reduce cost of loans for its customers.


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.


IBHFL is focused 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 and 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, the company said.


The company with a balance sheet size of Rs 91,326 crore provides competitively-priced home loans in the affordable housing segment.


The stock closed 2.13 percent down at Rs 789.15 on BSE today.