Sundaram BNP reduces interest rates for home loans to 8.7%

Sundaram BNP Paribas Home Finance Monday announced a reduction of its rate of interest for new home loans from 9.20 per cent per annum to 8.70 per cent per annum effective January 10, 2017.

Srinivas Acharya, managing director, Sundaram BNP Paribas Home Finance said, "the company hopes that this will help in reviving the sluggish real estate market."

The company registered a 13 per cent growth in loan disbursements at Rs 1,036 crore in the first half of the year.

The company has over 100 branches spread across the country with over 50,000 customers.

In addition to focusing on the huge salaried segment, Sundaram Home Finance is looking to expand its presence in the rural housing as well as the affordable housing segment.

Sundaram BNP Paribas Home Finance is a 50.1 - 49.9 per cent joint venture between Sundaram Finance and BNP Paribas.