HUDCO Lowers Home Loan Rate

Government owned Housing and Urban Development Corporation (HUDCO) has lowered interest rate on its floating rate home loans less than Rs 25 lakhs for salaried individuals. HUDCO housing loans are now available at 10.2% floating rate. Rate on fixed rate housing loan is 12%.

HUDCO home loans are also available to non-salaried individuals in groups. Central government’s 1% interest subvention scheme can also be availed on home loans less than Rs 15 lakhs provided the cost of house does not exceed Rs 25 lakhs. HUDCO housing loan is a good option for those looking for low-cost housing. The loan has no processing charges or prepayment charges and comes with free Personal Accident insurance policy.

HUDCO home loan can be taken for purchasing plot, constructing house on plot, composite loan or buying home. At prevailing rates HUDCO home loan is among the cheapest, after SBI home loan. ICICI Bank also lowered its home loan interest rates across various segments.

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