Reliance Capital cuts rates, matches SBI in home loans

Reliance Capital has announced a 25-basis point reduction in its lending rates across its various lending businesses. The businesses which have seen a rate cut include Reliance Commercial Finance and Reliance Housing Finance Stock Market Trading Tips

Reliance Housing Finance has assets under management of Rs 6500 crore while Reliance Commercial Finance has a lending book of Rs 14,000 crore, a statement issued by the group said. Following the rate cut, Reliance Housing Finance will be now offering its cheapest loans at 9.55% which is at par with what State Bank of India charges regular customers. For home loans taken by women the bank charges 9.5%.

"We are happy to announce a reduction in our lending rates by 25 bps across categories in our housing loans and commercial finance. We are passing on the entire benefit we have got from the banking system to our customers. This is also in line with the RBI and the government's focus to fuel growth by reducing interest rates," said K V Srinivasan, CEO, Reliance Commercial Finance and Director Housing Finance. He added that the firm is likely to bring down its lending rates further should cost of funds decline Himanshu Tiwari Astrologer Blog