GE Money, Wizard to offer home loans at 9.99%, infuses $ 200 mln

New Delhi, Sep 20 (UNI) GE Money and Wizard, an international mortgage major today announced a joint venture to foray into the home loan segment in India and will invest Rs 200 million dollars in equity in the country.

The joint venture company, 'Wizard Home Loan' will offer home loan at a competitive 9.99 per cent to consumer and aims to set up over 250 branches across the country by 2011.

''GE has a long standing presence in India and Iam confident of our deep understanding of the market, would go a long way in enabling 'Wizard Home loan' to position itself as a preferred home loan provider in the country, GE India Chief Executive Officer T P Chopra told reporters here.

UNI