Delhi Cooperative Housing Finance slashes interest rates to 6.75%

The Delhi Cooperative Housing Finance Corporation Limited (DCHFCL) has slashed interest rates on housing loans from 7

The Delhi Cooperative Housing Finance Corporation Limited (DCHFCL) has slashed interest rates on housing loans from 7.45% to 6.75%, minister Rajendra Pal Gautam said Monday.

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The move comes barely three days after the Delhi government reduced the circle rates, the minimum price at which a property can be bought, by 20% across all categories of properties. “The direction to reduce the interest rates of housing loans disbursed by DCHFCL was given by chief minister Arvind Kejriwal,” said Gautam.

Rajesh Goyal, chairman of the corporation, said the DCHFCL interest rate is now much lower than that offered by private banks.

“The reduction in interest rate will bring down the loan payment instalments from ₹803 per lakh to ₹760 per lakh. The corporation is planning to soon launch an attractive housing loan package for the middle class and the economically weaker sections,” he said.

On Friday (February 5), the Delhi government had reduced circle rates of residential, commercial and industrial properties by 20% for a period of six months, a move that experts said will boost the real estate market and as well as the revenue for the government..