NEW DELHI: The Delhi Cooperative Housing Finance Corporation Limited (DCHFCL) on Monday announced slashing of the home loan interest rate from 7.45 per cent to 6.75 per cent.The decision to bring down the interest rate comes days after the Delhi government reduced circle rates on properties by 20 per cent.Delhi Cooperative Minister Rajendra Pal Gautam has instructed the corporation to slash the rates on the directions of chief minister Arvind Kejriwal, said a statement issued by the Delhi government.
“Delhi CM Arvind Kejriwal has decided to reduce the circle rate of residential, commercial and industrial properties to 20 per cent. With the reduction in circle rates, the common people will be able to realize the dream of buying a house for their family. On the resolve of the CM, I have directed to reduce the interest rates as compared to private banks so that the common people can avail loans at cheaper rates to buy a house,” the government statement quoted Gautam as saying.
This interest rate is much lower than that offered by private banks, he said. The reduction in interest rate will bring down the loan payment instalment from Rs 803 per lakh to Rs 760 per lakh, the statement said. The corporation is also planning to soon launch an attractive housing loan package for the middle class and weaker sections. Rajesh Goyal, chairman of DCHFCL said lower interest rates will certainly provide relief to Delhiites.
“While the relief in instalments will reduce the pressure on the borrowers, they will be able to bring other happiness to their family by saving. The decision to reduce circle rates by 20 per cent will enable more and more people to buy real estate and the stability in real estate will also be removed. This will reduce housing prices and middle-class families who have been living in rented houses for years will be able to buy homes for themselves,” he added. Last week, the Delhi government reduced circle rates of residential, commercial and industrial properties by 20 per cent for six months.