Citi India prunes home loan rates to 8.80%

Joining the lending rate cut spree, foreign lender Citi India today reduced its home loan rate.

It will reduce the interest rate to 8.80 percent from 9.50 percent, effective January 9, Citi India said in a statement.

The reduction in the home loan rate is reflection of our commitment to consumers who may be interested in purchasing under-construction or ready-to-move-in property, Rohit Ranjan, Head of Secured Lending, Citi India said. The final pricing will be based on the loan amount, product or facility type offered, and internal Citi loan risk assessment parameters, it added.