Sundaram BNP Paribas Home Finance cuts lending rate by 10 basis points

Acharya, MD of Sundaram BNP Paribas, said the company did not face any liquidity-related issues this year and was comfortably placed in terms of fund raising

Sundaram BNP Paribas Home Finance on Monday announced a 10 basis points reduction in its prime lending rate on housing and non-housing loans with immediate effect.

"The reduction in lending rates is in line with the current interest rate in the market," Sundaram BNP Paribas Home Finance, Managing Director, Srinivas Acharya said.

"We are hopeful that the government's favourable proposals in the recent budget for the housing sector would improve the home buying sentiments and drive demand," he said in a company statement here.

Acharya said the company did not face any liquidity-related issues this year and was comfortably placed in terms of fund raising.

"...we will continue to expand our presence in the affordable housing segment and newer areas," he added.

Sundaram Home Finance posted net profits at Rs 145 crore for the year ending March 31, 2019. The company has over 100 branches, the release added.