In a major development, the Delhi Cooperative Housing Finance Corporation Limited has slashed interest rates on housing loans from 7.45% to 6.75%, an official statement said on Monday.
The reduction in interest rate will bring down the loan payment installment from Rs 803 per lakh to Rs 760 per lakh, the statement said.
The move comes days after the Delhi government reduced the circle rate by 20% on the sale and purchase of all types of properties in Delhi for the next 6 months. This will benefit thousands of people wanting to buy property and the real estate sector will also gain momentum.
Delhi government expressed hope that the step will help in giving a boost to economy post the COVID-19 pandemic.
Cooperative Minister Rajendra Pal Gautam has directed the corporation to slash the rates on the directions of Chief Minister Arvind Kejriwal, the statement from Delhi government said.
"With the directions of the Delhi government, the rate of interest for Delhiites to take housing loans has been reduced from 7.45% to 6.75%," said Rajesh Goyal, chairman of the corporation, reported PTI.
The Cooperative Minister said that this interest rate is much lower than that offered by private banks.
The corporation is also planning to launch an attractive housing loan package soon for middle class and weaker sections, it said.
