After major big banks cut interest rates on home loan, will HFCs slash rates too? Check this exclusive report

As big banks reduced interest rates on home loans last week, the housing finance companies are also expected to cut rates on the same. This was confirmed by Zee Business Special Correspondent Anurag Shah, who cited sources while speaking to Managing Editor Anil Singhvi on Monday.

Shah said recently the majority of big banks, such as State Bank of India (SBI) and Punjab National Bank (PNB), have trimmed their home loans interest. The former had slashed 45 basis points on the home loans over 75 lakhs, while the latter has also reduced interests on home loans above 50 lakhs.

See Zee Business Live TV Streaming Below:

Sources told Shah that a similar reduction in the home loans is also expected from housing finance companies (HFC), such as LIC Housing, PNB Housing, and GIC Housing. He said this would start happening anytime as the festive season is around the corner. They would cut rates for loans between 50-70 lakhs, he said citing sources.

Terming it as a negative development for the HFCs, the managing editor said there are chances that margins of HFCs may come under pressure amid interest rate cuts. 

ZEE BUSINESS EXCLUSIVE

LIC HFC, PNB HFC, GIC HFC से जुड़ी खबर...

पिछले हफ्ते बड़े सरकारी बैंकों ने होम लोन सस्ता करने के बाद
हाउसिंग फाइनेंस कंपनियां भी बड़ी राशि के होम लोन सस्ता कर
सकती हैं- सूत्रों के हवाले से खबर#HomeLoan #LIC #PNB #GIC @AnilSinghvi_ @anuragshah_ pic.twitter.com/4sY4WYd5Xw

— Zee Business (@ZeeBusiness) September 20, 2021

Meanwhile, the market analyst Vishvesh, explaining the charts of LIC Housing says, investors should not make a negative stance, as from a medium-term perspective, the counter would reach a target of Rs 450-460 per share level amid strong support at a downside and suggests to buy at dips. 

The shares of LIC Housing are trading down over 0.5 per cent intraday to Rs 415.8 per share, while PNB Housing and GIC Housing each cracked by over 1.5 per cent to Rs 650 and Rs 149.75 per share on the BSE, as compared to a 0.04 per cent rise in the S&P BSE Sensex.