Sundaram BNP Paribas Home Finance cuts interest rates on loans

Chennai: Sundaram BNP Paribas Home Finance Ltd has announced a 10 basis points reduction in its prime lending rate (PLR) on housing and non-housing loans for all customers, existing as well as new, on variable rates of interest, with effect from today.

Sundaram BNP Paribas Home Finance Ltd managing director, Srinivas Acharya, in a press statement, said, “The reduction in lending rates is in line with the current interest rate in the market.”

He added, “We are hopeful that the government’s favourable proposals in the recent budget for the housing sector would improve the home buying sentiments and drive demand in the housing sector.”

On liquidity scenario, Srinivas Acharya said, “The company has not faced any liquidity-related issues this year and is comfortably placed in terms of its fund raising plans for the year. We are confident of picking our share in the available business in the home finance space. In addition to focusing on the salaried segment, we will continue to expand our presence in the affordable housing segment and newer areas.”

Sundaram Home clocked a net profit of Rs 145 crore for the year ended 31 March.

NT Bureau