NEW DELHI, FEBRUARY 18: With a view to rationalising its financing pattern, HUDCO today announced a reduction in interest rates by two per cent for urban infrastructure and housing project lending and enhancement of loan ceiling for retail financing from Rs 15 lakh to Rs 25 lakh.For commercial infrastructure schemes, the interest rates have been reduced by two per cent from 16.5 per cent and for private sector agencies the rates for utility infrastructure projects have been kept on par with public sector agencies, he said. Rates for housing, commercial and other infrastructure have been reduced from 17-19.5 per cent to 15-15.5 per cent.On enhancing the loan ceiling for the Hudco Niwas scheme, Suresh said the decision evoked an overwhelming response from retail segment. Hudco had sanctioned over Rs 758 crore for more than 1.57 lakh applicants.He said the Hudco Niwas interest rates have also been reduced for loan slab of Rs 10-15 lakh. However, there is no interest rate cut for loans up to Rs 10 lakh.Hudco has announced the launch of its Rs 500 crore loan securitisation programme next month, the first of its kind in the urban infrastructure segment. The securitisation programme will cover Hudco's loans to urban infrastructure sectors such as water supply, roads, bridges, ports and airports, Suresh said.Hudco has decided to offer Rs 500 crore assets for securitisation from its infrastructure portfolio before March 2000, he said. Citibank has been selected as the lead advisor for the phase-I of the deal while ABN Amro Bank and JM Morgan Stanley is the advisor for the second phase to be taken up in the first quarter of the fiscal 2000-2001.Stanchart drops car loan ratesMUMBAI: Standard Chartered Bank today dropped interest rates between one and 1.5 per cent on car loans across the board with a view to take advantage of the expected rise in car sales prior to the budget. In economy segment (Maruti 800 and Omni) the interest rate has been cut by one per cent to 16 per cent, in mid segment (Zen, Santro and others) by 1.5 per cent to 15.5 per cent and in the premium segment (Honda, Lancer and others) by 1.5 per cent to 15 per cent, Stanchart said in a statement here.For its credit card holders and account holders the bank offers a further concession of 0.25 per cent on these rates. ``The interest rate cut prior to the budget announcement is on expectation of a surge in car sales which would benefit our customer, dealers and the bank,'' said Harpal Dugal, head of consumer banking.
