HUDCO, the Housing and Urban Development Corporation Limited, released a press statement stating that it has cut its interest rates on housing loans and urban infrastructure development schemes by 25 basis points for credit being charged at floating rates.

Following the reduction, the new rates for Economically Weaker Sections and Low Income Groups on housing loans will vary from 8.25 percent to 8.75 percent. As for the HUDCO Niwas scheme, a retail loans scheme of HUDCO, the reduced interest on floating rates will be charged at the rate of 10 percent for loans till Rs. 25 lakh for home loan schemes.