State home loan lender reduces rates

June 22nd, 2009 - 9:53 pm ICT by IANS  

New Delhi, June 22 (IANS) State-owned home loan lender Housing and Urban Development Corp (HUDCO) has lowered interest rates by up to 125 basis points.
The new rates, which will come into force Tuesday, will bring down rates from 9.5 percent to 8.5 percent for home loans taken by widows and people from the Scheduled Castes (SC) and the Scheduled Tribes (ST) categories, a government statement said.

Minister of Housing and Urban Poverty Alleviation Kumari Selja had earlier called for more focused approach on social housing and affordable housing, the release said.

As per an agreement between HUDCO and the ministry, 84 percent of the total dwelling units sanctioned for 2009-10 should cover economically weaker section (EWS) and low income group (LIG) categories.

The interest rates on state government borrowings and loans for power projects and real estate projects would be cut by up to 125 basis points, the release added.

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