Indiabulls Housing cuts Home Loan Rates

Mortgage player Indiabulls Housing Finance has reduced its interest rates for existing borrowers on floating rates by 15 basis points, matching its offering with that of HDFC. The reduction will benefit all its existing home loan customers, including residents and NRIs/PIOs, he said, adding it comes on the heels of it reducing the rates for new women borrowers earlier this month by 45 bps. Indiabulls had earlier this month reduced the home loan rates by 45 bps to 8.65 percent for new women borrowers of up to 75 lakh and to 8.70 percent for others following a drop in the marginal cost of funds over the last few months. "The new rates will vary according to a customer's existing rate and the contract date and will effectively be in the range of 8.90 per cent on the lowest side and to 10.50 per cent on the higher side. Still most customers will get the benefit from February," Indiabulls Housing Finance executive director Sachin Chaudhary told here. Indiabulls vice-chairman and managing director Gagan Banga has attributed the reduction to a drop in the cost of funds in recent months "which has given us another opportunity to pass on the benefits to our existing customers."