Housing finance industry regulator National Housing Bank (NHB) on 2 August 2012 reduced interest rate up to 1 percent on refinance to banks and housing finance companies to support affordable finance for urban low income group having income above 15000 rupees per month.
NHB is likely to be lower refinance rate by reduction in its lending rates by 0.75 to 1 percent under this special refinance scheme for urban low income housing (LIH).
Refinance (replacing an older loan with a new loan offering better terms) is likely to be extended from 5 and 15 years at fixed rates. The new interest rates on NHB refinance is 9 percent against 10 percent up to 2 lakh rupees loan and from 2 to 5 lakh rupees, the rate is 0.75 percent lower at 9.25 percent.
NHB is also providing long-term fixed rate refinance at reasonable interest rates for construction and purchase of houses in urban areas for low income group.
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