Hudco cuts loan rates

NEW DELHI, SEPT 15: In a major move to benefit the middle-class, state-owned Housing and Urban Development Corporation (HUDCO) today announced lowering of interest rate on individual housing loans by 0.25 per cent to one per cent from tomorrow.

"Keeping in view the reduced cost of borrowing and loan size, HUDCO has decided to rationalise its interest rates and loan slabs so that individual housing loan becomes even more affordable," company’s top executive V Suresh told a press conference here.

While the revised rate of interest for loan upto Rs 50,000 remains unchanged at 11.50 per cent, that for loans between Rs two lakh and Rs five lakh has been reduced from 13.75 per cent to 13.50 per cent.