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GE Money hikes home loan rates by 0.75 per cent

Written by: Staff
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New Delhi, Apr 4 (UNI) Financial services provider GE Money today increased its home loan interest rate by 0.75 per cent with effect from April, 2006.

The company at present lends home loans at the rate of 7.75 per cent. The increase in the home loan rate is due to an increase in the benchmark floating reference rate by 0.75 per cent.

GE Money President, India region, Vishal Pandit had a few days back told reporters that the company was facing liquidity crunch which was compelling it to have a re-look at its home loan lending rate.

The company has disbursed home loans worth Rs 2,000 crore till date in the Indian market.

Banks and housing finance companies in India are faced with a liquidity crisis that has forced them to increase interest rates on home loans.

HDFC recently increased its floating home loan rate by half a percentage point to 8.25 per cent. ICICI Bank also increased its rates twice by half a percentage point each in the last one month to 8.75 per cent.

Other banks like SBI, PNB and LIC Housing Finance have also hiked the rate.

UNI SR SS SA1412

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