Dewan Housing Finance Corporation Ltd (DHFL) on October 6 reduced lending rate by 0.2 per cent to 9.35 per cent to cash in on the festival fervour.
The revised rate of 9.35 per cent for its new customers would be effective from October 11, DHFL said in a statement.
The company will offer the interest rate for loans up to Rs 30 lakh which is categorised under affordable housing, thereby enabling home ownership in the low and middle income segment, it said.
“Further to the recent announcement made by the RBI to cut the interest rates, this step taken by DHFL will enable it to pass on the benefit to its end consumers,” DHFL CEO Harshil Mehta said.
On Tuesday, RBI lowered the repo rate or the rate at which it lends to banks by 0.25 per cent.
The 6-member Monetary Policy Committee, which has three members nominated by the government and the rest from the Reserve Bank, lowered repo rate to 6.25 per cent from 6.50 per cent.