Sundaram BNP Paribas slashes home loan rates

CHENNAI: Sundaram BNP Paribas Home Finance today announced a 20-basis point cut in its interest rates to 9.95 per cent from the earlier 10.15 per cent.

This will be available to both new and existing customers.

Sundaram BNP Paribas Home Finance is a 50.1-49.9 per cent joint venture between Chennai-based Sundaram Finance and BNP Paribas.

"Sundaram BNP Paribas Home Finance announced a reduction of 20 basis points in its prime lending rate, in line with the current interest rate scenario both for the new and existing customers on variable rates of interest," the Chennai-based company said, in a statement.

"The reduction in our interest rates is in line with the market and we hope that this would improve the sentiment of people buying homes and consequently, improve the demand for financing homes," Sundaram Home Finance Managing Director Srinivas Acharya said.