Hudco cuts interest, processing rates

New Delhi: The Housing and Urban Development Corporation (Hudco) has slashed its interest rates by 0.25 per cent. It has also reduced the processing and the administrative fees by 0.30 per cent. The rates will be effective from 2 January.

This is the second time the housing corporation has brought down its rates in a period of just two months. Effectively, the rates have been cut in the top-most bracket of Rs 20 lakh to Rs 50 lakh. The earlier rates were 12.5 per cent.

Hudco would continue to offer the lowest-equated monthly installments and maximum savings and benefits to home loanees.

The housing sector is expected to grow from Rs 12,626 crore last year to Rs 16,500 this year. Of this, Hudcos pie is 31 to 35 per cent both housing and projects included. In the retail sector, Hudco has close a to 10-per cent share.