Second largest pureplay mortgage lender Indiabulls Housing Finance has increased its lending rates by 20 basis points (bps) for women and 25 bps for men, with immediate effect.
The Gagan Banga-run lender said the lending rate hike follows the growing cost of funds led by the second consecutive 25-bps repo rate hike by the RBI this month and the Gsec yields moving to 7.80 per cent levels.
“The revised rate of interest on new home loans for women applicants/co-applicants will now start at 8.70 per cent for loans of up to Rs 35 lakh and 8.80 per cent onwards for loans above Rs 35 lakh. The interest rates will be 5 bps higher for non-women applicants,” it said in a statement.
The company has also expanded the lowest slab from Rs 30 to Rs 35 lakh, allowing a larger pool to reap the benefits of the best possible rate.
The increase in rate will be applicable for both new and existing customers, it added.