Hudco Slashes Rates By 50-100 Bps

The state-owned Housing and Urban Development Corporation (Hudco) today slashed its fixed and floating interest rates on housing loans by 50 to 100 basis points for its 'Hudco Niwas' scheme.

It is also planning to foray into real estate by setting up habitat centres in all the state capitals.

The corporation is also planning to revitalise Nehru Place in association with the Delhi Development Authority which will include developing 35 acres of commercial space and also developing about 200 acres of greens in that area.

"Interest rates have been reduced in a range of 50 basis points to 100 basis points across all loan slabs," Hudco's new chairman and managing director Pankaj Jain told newspersons here.

 

He said the fixed rate loans will now be available at interest rate of 10.25 per cent for repayment period up to five years, 10.50 per cent for repayment period above five years and up to 10 years and 11 per cent for repayment period above 10 years and up to 15 years.

Jain added that the floating interest rates have also been reduced by 50 basis points to 10 per cent for repayment period up to five years and 10.50 per cent for repayment period above five years and up to 20 years.

Jain also added that Hudco has received proposals for habitat centres from various state governments including Uttar Pradesh, Uttaranchal, Haryana, Punjab, Tamil Nadu, Chhattisgarh, Goa and Orissa. He added that Chesterton Meghraj has already been appointed as a consultant to prepare the feasibility and demand assessment study for the Lucknow centre.

Hudco has also introduced some new loan products in its portfolio. It will now give loans to professionals for non-residential premises at an interest rate of 11.75 per cent for repayment period up to 10 years.

Also, the corporation plans to extend loans against residential properties. It is planning to add 51 new offices to its current 36 offices within this year.

Hudco Niwas was launched in March 1999 and since then it has already sanctioned housing loans of over Rs 2753.54 crore to 3,34,876 applicants and has released over Rs 2532.56 crore.