HDFC home loans start at 6.7%, tied to credit score – Times of India
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MUMBAI: HDFC has said that its home loans will start at 6.7% across all loan slabs and for all customers having credit scores of 800 and above, irrespective of their occupation. The rates are part of a festival scheme for those who avail of disbursement by end-October.
As a result of this revised policy, salaried borrowers could see their interest rates come down by 45 basis points (100bps = 1 percentage point) and creditworthy self-employed borrowers seeking loans above Rs 75 lakh would see their interest costs drop by up to 60bps.
HDFC has traditionally been charging higher interest rates for self-employed borrowers. Keki Mistry, CEO, HDFC, told TOI that liquidity continues to be good and demand for housing remains strong. “Individual home loans in June were 79% higher than May and July was 14% higher than June and 64% higher than July of last year and the momentum continues to remain strong,” he said.
HDFC is seeing demand is across the board including cities, where prices have been flat since 2017. “Several factors are pushing up demand. Property prices have generally not gone up in Mumbai and Delhi, while income levels have over the last three years. Also, interest rates are at an all-time low,” said Mistry. He added that there is also a feel-good factor with stock markets being at an all-time high, which has improved confidence. “The Covid factor increasing the demand for larger homes, due to multiple family members having to work from home continues to support demand,” he said.
As a result of this revised policy, salaried borrowers could see their interest rates come down by 45 basis points (100bps = 1 percentage point) and creditworthy self-employed borrowers seeking loans above Rs 75 lakh would see their interest costs drop by up to 60bps.
HDFC has traditionally been charging higher interest rates for self-employed borrowers. Keki Mistry, CEO, HDFC, told TOI that liquidity continues to be good and demand for housing remains strong. “Individual home loans in June were 79% higher than May and July was 14% higher than June and 64% higher than July of last year and the momentum continues to remain strong,” he said.
HDFC is seeing demand is across the board including cities, where prices have been flat since 2017. “Several factors are pushing up demand. Property prices have generally not gone up in Mumbai and Delhi, while income levels have over the last three years. Also, interest rates are at an all-time low,” said Mistry. He added that there is also a feel-good factor with stock markets being at an all-time high, which has improved confidence. “The Covid factor increasing the demand for larger homes, due to multiple family members having to work from home continues to support demand,” he said.
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