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Hudco
cuts interest rates
Our Banking Bureau
12 November 2001
 Mumbai:
The Housing and
Development Corporation (Hudco) has cut interest rates on its
housing loans by up to 0.70 percentage points and administrative
and processing fee by
0.20 percentage points. This follows similar moves on the interest
front by HDFC, ICICI Home Finance and SBI.
Hudco has introduced a
new slab of Rs 2 lakh to Rs 20 lakh. Loans will be offered at
11.75 per cent for a five-year tenure, at 12 per cent for between
six-to-10-year tenure and at 12.25 per cent for a 11-to-15-year
tenure.
 The
administration and processing fee has been cut from 1.2 to 1 per
cent for applicants from the armed forces, the
physically-challenged and widows as well as employees of central
and state governments and public sector undertakings.
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