Consumer financial services provider GE Money and international mortgage player Wizard announced on Thursday a joint venture 'Wizard Home Loans' that will offer 9.99 per cent interest rate on home loans to consumers.
"The joint venture will invest $200 million in equity in India and aims to set up over 250 branches across the country by 2011,"
GE India CEO T P Chopra said.
The joint venture will offer an aggressive interest rate of 9.99 per cent to consumers, he said.
The prevailing market rate for home loans is anywhere between 11 per cent and 12 per cent for varying tenures.
© Copyright 2017 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.