Delhi Cooperative Minister Rajendra Pal Gautam on Monday directed Delhi Cooperative Housing Finance Corporation Limited to reduce the interest rates as compared to private banks so that the common people can avail loans at cheaper rates to buy a house.
Gautam said that the Delhi Government under CM Arvind Kejriwal has given a big relief to Delhi residents by reducing loan interest rates after circle rates. Now for loans of `1 lakh you will have to pay `760 instead of the earlier rate of `803.
The Minister on Monday said that Delhi Chief Minister Arvind Kejriwal has taken a historic decision to reduce the circle rate of residential, commercial and industrial properties to 20 per cent. With the reduction in circle rates, the common people will be able to realize the dream of buying a house for his family, he said.
Rajesh Goyal, Chairman of Delhi Cooperative Housing Finance Corporation Limited, said “With the decision of the Government of Delhi, the rate of interest for Delhiites for taking housing loan has been reduced from 7.45 per cent to 6.75 per cent. These rates are much lower than private banks. This will provide relief to Delhiites in installments every month. While the relief in installments will reduce the pressure on the borrowers, they will be able to bring other happiness to their family by saving.”
Goyal also said that the decision to reduce circle rates by 20 per cent will enable more and more people to buy real estate and the stability in real estate will also be removed. “This will reduce housing prices and middle-class families who have been living in rented houses for years will be able to buy homes for themselves. After lowering the interest rate, the installment per month will be `760 per one lakh rupees, whereas earlier it was `803,” he said.
Delhi Cooperative Housing Finance Corporation is planning to announce a more attractive package of a housing loan scheme for the middle class and weaker section soon.
The Delhi Government had on Friday decided to reduce present circle rates related to residential/commercial/industrial properties in Delhi by flat 20 per cent across all categories of colonies and areas.