Mortgage firm HDFC on Wednesday announced a cut in retail loan pricing by 10 basis points (bps) across tenors and buckets of loans, both for new as well as existing borrowers.
For home loans up to Rs 30 lakh, the financier is offering 8.60 per cent now. For women borrowers, the new rate is 8.55 per cent, HDFC said in a statement. The rate reduction will be applicable to existing borrowers as well. For loans above Rs 30 lakh and up to Rs 75 lakh, the new rates will be 8.85 per cent and 8.80 per cent for women borrowers and for those above Rs 75 lakh, the prices will come down to 8.90 and 8.85 per cent, respectively, it said. “HDFC has reduced its retail prime lending rate (RPLR) on housing loans, on which its adjustable rate home loans (ARHL) are benchmarked, by 10 basis points,” it said in a statement. HDFC’s new rates will come into effect from August 1.
The Reserve Bank of India has cut its key repo rate by 75 bps this year but commercial banks have mostly responded with just around 15-20 bps cuts in their key lending rates. Earlier this month, SBI had reduced its lending rate by 5 basis points across all tenors.