Indiabulls Housing Finance revises home loan rate by 45 basis points

Housing finance service provider - Indiabulls Housing Finance on Tuesday reduced home loan rates by 45 basis points on different loan amounts effective from today. 

Gagan Banga, Vice Chairman and Managing Director of Indiabulls Housing Finance said, "IBHFL's diversified funding mix and ALM-matched nature of our liabilities has enabled the company to reduce home loan rates by 45 basis points. Home loan rates are now at their lowest in six years and tremendously improves the buyers affordability."

He added, "The cut in rates, the recently announced enhancement in Prime Minister's Awas Yojana subsidies and tax deductions against home loan repayments, make the EMI cheque smaller than the recent cheque for buyers of affordable houses for the first time in more than a decade."

New rates for loan up to Rs 75 lakh is available at 8.65% for women and 8.70% for others. While interest rates between loan amount of Rs 75 lakh - Rs 3 crore s will be charged at 8.70% for women and 8.75% for others. 

Home loans between Rs 3 crore till Rs 5 crore, the new interest rates are at 8.80% for women and 8.85% for others. 

The company said, EMI's will start as low as Rs 780 per lakh.

This came right after when major banks like State Bank of India (SBI) and ICICI Bank made deepest cut in home loan rates in the range of 90 basis points - 45 basis points.