CHENNAI: Sundaram BNP Paribas Home Finance has announced a cut in its rate of interest for new housing loans with effect from tomorrow.The rate of interest for new housing loans would be 8.70 per cent per annum from the existing 9.20 per cent per annum with effect from tomorrow, a company statement said. "The company hopes that this (move) will help in reviving the sluggish real estate market", Sundaram BNP Paribas Home Finance, Managing Director, Srinivas Acharya said.In the first half of the current fiscal ending September 30, 2016, the company registered a 12.97 per cent rise in loan disbursements to Rs 1,036 crore from Rs 917 crore registered during same period of last year.On expansion plans, the company said it was looking at widening its presence in the rural housing and affordable housing segments.The Chennai based company has over 100 branches across the country and has about five lakh customers.Sundaram BNP Paribas Home Finance is a 50.1 per cent and 49.9 per cent joint venture between Sundaram Finance and BNP Paribas, France.

Source: Economic Times January 09, 2017 14:50 UTC