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Cooperative Minister Rajendra Pal Gautam on Monday directed Delhi Cooperative Housing Finance Corporation Limited to reduce the interest rates. Shri Gautam said that 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 Rs 1 lakh you will have to pay Rs 760 instead of the earlier rate of Rs 803.

Delhi Cooperative Minister Shri Rajendra Pal Gautam on Monday said, “Delhi Chief Minister Shri Arvind Kejriwal has taken a historic decision to reduce the circle rate of residential, commercial and industrial properties to 20 percent. With the reduction in circle rates, the common people will be able to realize the dream of buying a house for his family. On the resolve of Chief Minister Shri Arvind Kejriwal, I have directed the 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.”

Shri 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 percent to 6.75 percent. These rates are much lower than private banks. This will provide relief to Delhiites in instalments every month. While the relief in instalments will reduce the pressure on the borrowers, they will be able to bring other happiness to their family by saving.”

Shri Rajesh Goyal said, “The decision to reduce circle rates by 20 percent 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 instalment per month will be Rs 760 per one lakh rupees, whereas earlier it was Rs 803.”

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.

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