"The new rates will vary according to a customer's existing rate and the contract date and will effectively be in the range of 8.90 per cent on the lowest side and to 10.50 per cent on the higher side. Still most customers will get the benefit from February," Indiabulls Housing Finance executive director Sachin Chaudhary told PTI here.
The reduction will benefit all its existing home loan customers, including residents and NRIs/PIOs, he said, adding it comes on the heels of it reducing the rates for new women borrowers earlier this month by 45 bps.
Indiabulls had earlier this month reduced the home loan rates by 45 bps to 8.65 percent for new women borrowers of up to 75 lakh and to 8.70 percent for others following a drop in the marginal cost of funds over the last few months.
Chaudhary said the rate cut follows a reduction in the marginal cost of its funds following the noteban which flooded the market with liquidity.
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Chaudhary also said their cost to reach out to a customer has also come down following the launch of 'e-home loan' facility six months ago.
"The e-Home Loan is an industry-first end-to-end online home loans fulfilment platform which has helped us steadily bring down cost-to-income ratio and source incremental loan business. In Q3, as much as 18 per cent of our new customers came in through this platform," he added.
When asked about the fund sources for the company he said 40 per cent each are bank loans and from markets especially bonds, and the rest come from ECBs or others.
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