Mumbai, Apr 15 (PTI) Private sector mortgage lender India Infoline Housing Finance (IIHFL) today reduced its home loan rates by 25 basis points to 9.90 per cent with immediate effect.
"We believe the home loan rate downtrend is likely to continue and would benefit small home-buyers in the next few years, as the economic environment improves further," IIHFL chief executive Monu Ratra said in a statement.
Yesterday, rivals Dewan Housing Finance (DHFL) and Indiabulls Housing Finance (IBHFL) had also cut their home loan rates by 0.25 per cent and 0.20 per cent, respectively to 9.90 per cent.
The country's largest mortgage lender HDFC had also cut its home loan rate by 0.2 per cent to 9.90 per cent for new as well as existing borrowers.
The move comes days after many banks such as State Bank of India, ICICI Bank, HDFC Bank and Axis Bank had lowered their lending rates by up to 0.25 per cent.
The reduction in rates by banks has helped housing finance companies to bring down their borrowing cost, which they are now passing on to customers.