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Housing loans from GE-Wizard JV at 9.99 per cent

Housing loans from GE-Wizard JV at 9.99 per cent

Apnaloan.com Research Bureau

20 Sep 2007

US-based financial services provider GE Money and Australian mortgage player Wizard has announced a joint venture Wizard home loans that will offer 9.99 per cent apnapaisa.com/loan/home-loan-india/rates.html">floating interest rate on home loans.

T P Chopra, CEO, GE India said that the JV will invest 200 million dollars in equity in India which will in turn offer an aggressive interest rate of 9.99 per cent to consumers. Wizard plans to offer its products through GE Money\'s Indian arm initially, and has applied to the regulator for its own operating licence.

The JV will also see the launch of more than 250 branches in India by 2011. Currently, the interest rates on home loans range between 11 to 12 per cent for various tenures. The domestic home loans segment has been growing at a compounded annual growth rate of 30 per cent since 2001.

The home loans will be offered through franchisees that would be paid an upfront fee and a monthly commission as long as the loan remains on the company books. Wizard will also provide loans against property to help consumers in expanding their businesses of other financial needs.