HDFC may cut home loan rates
HDFC may cut home loan rates At last there is hope for prospective home buyers as home loans may get a bit cheaper. Leading from the front is HDFC, (Q, N,C,F)* a major lender in the market, which is reviewing the rates. The revised rates may be out by next week, reports DNA.
>The rates have come down by 50 basis points (0.5%) in the last one month.
Higher interest rates on home loans have not only hurt prospective buyers, but also financiers and real estate developers, with sales dropping significantly.
Assocham, an industry chamber, said a rise in home loan interest rates from about 7% to 12% over the past few years had resulted in a rise of Rs 3,250 in the equated monthly instalments (EMI) for every Rs 1 million of home loans.
Shares of the company closed up Rs 33.00, or 1.41%, at Rs 2,371.95. The total volume of shares traded at the BSE was 32,583. (Friday)
