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New NHB scheme

Mumbai, Feb. 10: National Housing Bank (NHB) today announced a refinance scheme for housing finance companies and scheduled banks that envisages a reduction in the interest rate on refinance by about 200 basis points across all the loan slabs besides introducing a floating interest rate.

In the fixed rate, for loans up to Rs 10 lakh and a tenure of less than five years the interest rate has been pegged at 7.10 per cent, while for the five to seven years tenure, the rate has been pegged at Rs 7.30 per cent and for more than seven years it is now at 7.50 per cent.

For loans above Rs 10 lakh but less than Rs 1 crore, the interest rates are 7.30 per cent, 7.50 per cent and 7.70 per cent for 2-5 years, 5-7 years and 7-15 years tenures respectively.

Floating rates for tenures of 2-15 years for loans up to Rs 10 lakh are 6.90 per cent and Rs 10 lakh up to Rs 1 crore, the interest rate is pegged at 7.10 per cent.

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