DHFL, one of India’s leading non-banking housing finance companies, cut home loan interest rates by 0.2 percentage points to 9.35% for its new customers with effect from October 11.
The Company will offer the interest rate of 9.35% for loans upto Rs 30 lakhs which is categorized under affordable housing.
The cut has come in the wake of the Reserve Bank of India reducing policy interest rates by 25% this week. RBI is the ‘lenders’ lender’ and any cut in its interest rates usually causes a knock-on effect downstream.
Commenting on the move, Harshil Mehta, CEO, DHFL said, “Further to the recent announcement made by the Reserve Bank of India to cut the interest rates, this step taken by DHFL will enable it to pass on the benefit to its end consumers.”
“Throughout its years of growth, DHFL has stayed true to its core vision of financial inclusion, especially to the low and middle income customers across India,” he added.
In August 2016, DHFL created history in the Indian Capital markets by raising a record Rs 14,000 crore within one month from two public non-convertible debenture (debt) issuances. The total demand generated from the two issues was Rs 32,000 crores as per the data available on the exchanges.