Axis Bank, three HFCs cut home loan rates

Another private sector lender Axis Bank and housing finance firms DHFL, IndiaBulls Housing Finance and Sundaram BNP Paribas Home Finance lowered their home loan rates on Tuesday.

While Axis Bank reduced the rates by 20 bps to 9.95 per cent, DHFL brought it down by 0.25 per cent to 9.90 per cent. DHFL’s rate has been revised downward from 10.15 per cent and the new rate became effective from Wednesday.

Indiabulls Housing Finance (IBHFL) reduced interest rates of its home loans by 20 basis points to 9.90 per cent from 10.10 per cent. Sundaram BNP Paribas Home Finance announced a reduction of 20 basis points in its prime lending rates.

The Axis Bank has also introduced a single slab applicable for all salaried customers irrespective of the loan amount. The bank has accordingly aligned the pricing for new borrowers, an Axis Bank said in a statement. The bank also cut its interest rate on Asha Home loans by 30 bps.

Jairam Sridharan, President – Retail Lending & Payments, Axis Bank said, “With this reduction in interest rates we expect the home buyer in the country to see significant enhancement in their home buying capacity.”

In a statement on the rate cut, Kapil Wadhawan, CMD of DHFL, said, “The reduction in the interest rate reflects our commitment towards enabling home ownership in Tier 2 and 3 towns for each and every Indian.”