After the cheapest Nano car and the low-cost Nano housing projects, the Tata Group is foraying into the home loan segment with, it claims, Nano interest rates.Tata Capital on Tuesday announced its entry into the segment through its wholly owned subsidiary Tata Capital Housing FinanceLimited.Mr Pravin Kadle, managing director of Tata Capital, said: “We are targeting home loan disbursements of about Rs 500 crore in the first year and our USP would be the cheapest cost for the lifecycle of the home loan.”He said: “We will be launching the schemestargeting tier two and tier three cities soon that would actually breach the market rates.”Home loan disbursements during 2008-09 wereRs 1,25,000 crore and the same is expected tocross Rs 2,00,000 crore by year 2011-12.According to Mr Kadle though the home loan market growth declined to eight per cent during the last fiscal compared with the 18 per cent during the earlier fiscal, high growth will be evident from this fiscal.Explaining the low cost loans, Mr Kadle said: “The home loan rates of commercial banks are still high at about 12 per cent per annum, while public sector unit banks are offering the rates of eight per cent for the first year.”
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