Credit loans

HDFC home loans start at 6.7%, linked to credit score

Mumbai: HDFC said its home loans would start at 6.7% on all loan tranches and for all clients with a credit score of 800 and above, regardless of profession. The prices are part of a festival program for those who receive a disbursement before the end of October.
As a result of this revised policy, salaried borrowers could see their interest rates drop by 45 basis points (100 basis points = 1 percentage point) and creditworthy independent borrowers seeking loans above 75 lakh of Rs would see their interest charges drop by up to 60 basis points. .
HDFC has traditionally imposed higher interest rates for independent borrowers. HDFC CEO Keki Mistry told TOI that liquidity continues to be good and demand for housing remains strong. “Individual home loans in June were 79% higher than in May and July 14% higher than in June and 64% higher than in July of last year and the momentum continues to remain strong,” said he declared.
HDFC notes that demand is widespread, including in cities, where prices have been stable since 2017. “Several factors are increasing demand. Goods prices have generally not increased in Mumbai and Delhi, as income levels have risen over the past three years. Plus, interest rates are at an all time low, ”Mistry said. He added that there is also a feel-good factor as the stock markets are at an all time high which has improved confidence. “The Covid factor which increases the demand for larger homes, due to the fact that several family members have to work from home, continues to support the demand,” he said.


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