Indiabulls Housing reduces home loan rates by 15 bps to 8.35%

Following on the footsteps of other major lenders, Indiabulls Housing Finance on Wednesday announced that that it has slashed home loan rates by 15 basis points to 8.35%.

Taking cues from State Bank of India, ICICI Bank had also reduced the home loan rates for the loans up to Rs 30 lakh or the loans which are specifically classified under the category of affordable housing category by around 30 basis points, reported a leading news portal.

After the reduction in the interest rates, the women borrowers would pay 8.35% while the salaried borrowers would pay 8.4% interest on the home loans of up to Rs 30 lakh.

Another prominent private sector financial institution, Housing and Development Finance Corporation (HDFC), also reduced its interest rate on loans up to Rs 30 lakh by 15 basis points, reported a leading news portal.

The banks have been cutting interest rates to take advantage of government’s affordable housing programme. Affordable housing refers to those housing units which are affordable to that section of the society whose income stands below the median household income.