Delhi Cooperative Housing Finance Corporation Limited to reduce interest rates on home loans

NEW DELHI: In another boost to the real estate state sector in Delhi, the Delhi Cooperative Housing Finance Corporation Limited will reduce the interest rates on home loans.

Cooperative Minister Rajendra Pal Gautam said that Delhi government has given a big relief to Delhi residents by reducing loan interest rates after circle rates. Now for loans of Rs 1 lakh, homebuyers will have to pay Rs 760 instead of the earlier rate of Rs 803.

"I have directed the Delhi Cooperative Housing Finance Corporation Limited 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,” said Delhi Cooperative Minister Rajendra Pal Gautam.


With this decision, the rate of interest for Delhiites for taking housing loan has been reduced from 7.45 percent to 6.75 percent.

These rates are much lower than private banks. This will provide relief to Delhiites in instalments every month.

"The decision to reduce circle rates by 20 percent 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. After lowering the interest rate, the instalment per month will be Rs 760 per one lakh rupees, whereas earlier it was Rs 803,” the minister said.

Delhi Cooperative Housing Finance Corporation is planning to announce a more attractive package of a housing loan scheme for the middle class and weaker section soon.