Matching up to the cheapest home loans provided by SBI, Indiabulls Housing Finance (IBHFL) today slashed the lending rate for housing to 9.15 per cent, bringing EMI down to Rs 815 per Rs 1 lakh.
"Indiabulls Housing Finance Limited (IBHFL) announces revising home loan rate of 9.15 per cent, a reduction of 15 basis points for its customers, effective November 4," the company said in a release.
The race has been hotting up in the housing loan market, with SBI offering the cheapest loan to customers at 9.15 per cent earlier this week, which was later followed by peers ICICI Bank and mortgage lender HDFC.
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For other customers, it will be 9.15 per cent for up to Rs 28 lakh and be raised to 9.20 per cent for over Rs 28 lakh and up to Rs 75 lakh.
For housing loans over Rs 75 lakh and up to Rs 5 crore, women customers will have to pay interest of 9.30 per cent. For others, it will be 9.35 per cent.
"A reduction of 15 basis points in our interest rates is an effort to pass on greater benefits to our customers. A positive economy and falling interest rates will give affordable housing an impetus and we are poised to cater to this expected increase in demand," said Gagan Banga, Vice-Chairman and MD, Indiabulls Housing Finance.
The company said this year it has explored multiple ways to reduce cost of loans for its customers.
Introducing the technology led e-home loans, diversifying its borrowing portfolio and the general push towards greater efficiency have all resulted in greater effectiveness and in turn, cheaper loans, it said.
IBHFL is focused on increasing the breadth of its home loan product in existing cities by catering to a ticket size of up to Rs 50 lakh as well as expanding to newer tier II and tier III cities with 'Smart City Home Loan' led by technology leveraged lean branches.
The smart city plan covering 100 Indian cities will open up opportunities for growth and boost demand for new residences in these cities, the company said.
The company with a balance sheet size of Rs 91,326 crore provides competitively-priced home loans in the affordable housing segment.
The stock closed 2.13 per cent down at Rs 789.15 on BSE today.
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