IBHFL postpones rate hike for Kerala customers by 2 months

Indiabulls Housing Finance (IBHFL) today said it has decided to postpone the interest rate hike for its Kerala-based customers by two months and also waive penalty for delay in payment of August and September EMIs for its home loan customers.

As part of its relief measure, the housing finance company has also decided to waive the processing fee for home improvement loans to customers whose homes have been affected.

"The interest rate hike, which is applicable for all customers post the increase in repo rate, has been deferred by two months specifically for Kerala based customers. The new increased interest rates will now be applicable from October 2018," the company said in a statement. Earlier this month, the Reserve Bank had hiked the key policy rate (repo) by 25 basis points to 6.5 per cent citing inflationary concerns.

The company also said that a special team to fast track loan sanction and disbursal for all customers whose properties have been impacted by the flood/heavy rainfall has been set up. The IBHL family is also conducting an employee contribution drive to support the relief operations and to help the people of Kerala at large, the statement added.

The company has urged its employees to voluntarily contribute one day's salary (or more for senior employees) for Kerala flood relief.

"The company would then contribute an equivalent sum of money amounting to the total that has been collected from employees and would direct this contribution for the wellbeing of the state and affected people," IBHL said.

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As per the statement, a portion of this contribution will also be used towards the welfare of the company's Kerala based employees and their families who have been affected by the unexpected crisis. The company has also declared up to 14 days paid leaves for affected employees. The southern state has been hit hard by incessant rains over the last few days leading to floods and loss of life and property.