The Hindu Business Line : Dewan Housing Finance cuts rates

Dewan Housing Finance Corporation, a leading private sector housing finance company, has cut interest rates on its loans — effective for new and existing customers, according to a press release.

DHFL will now offer home loans starting at 9.75 per cent variable interest rate for loans below Rs 20 lakh and at 11.25 per cent variable interest rate for loans above Rs 20 lakh with immediate effect.

With this, DHFL intends to provide more affordable home loans to the lower- and middle-income customers.

For the existing customers, the rates will be reduced by 25 bps, the release said.

Home loan offtake grows for SBI in TN

Home loan disbursement in the first three quarters of 2008-09 in Tamil Nadu and Puducherry by the State Bank of India has exceeded that of the whole of last year, according to Mr J. Chandrasekaran, Chief General Manager.

Addressing reporters after at the inaugural of the SBI Property Fair 2009 in Chennai on Saturday, he said the bank has disbursed over Rs 768 crore up to December 2008 against Rs 750 crore in 2007-08 in Tamil Nadu and Puducherry. SBI has a 20 per cent market share in home loan disbursement in the region and the bank is confident of the long-term prospects. Its total home loan portfolio in the region is Rs 6,113 crore as of December 2008 up from Rs 5,349 crore in March 2008.

The growth comes despite the slowdown in the real-estate market. This is due to the bank’s aggressive deployment of home loans, Mr Chandrasekaran said.

The three-day fair showcases projects by 25 leading builders and flat promoters in Chennai, according to a press release.

SBI officials will handle customer enquiries and issue on the spot ‘in principle’ sanction of home loans. During the course of the fair, the bank will offer home loans at a concession compared to the prevailing rates. A special discount of 0.25 per cent is on offer for the loans, apart from a 50 per cent discount in processing charges.

Loans are available for buying new apartments, plots, repairs and renovations. The loan tenor can extend up to 25 years.

SBI is also offering tailor-made schemes through a range of options such as Flexi Loans, Max Gain and SBI Freedom.

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