HDFC may cut lending rates: Chairman

Housing Development and Finance Corp. may cut lending rates if the cost of funds falls.

India’s leading mortgage firm Housing Development and Finance Corp. may cut lending rates if the cost of funds falls,its chairman Deepak Parekh said on Tuesday.

The chairman of Housing Development and Finance Corp,India’s largest mortgage firm,said on Tuesday he expects the central bank to cut its key policy rate further in coming weeks.

“We are hoping that since inflation numbers are down,the Reserve Bank of India will take some steps,” Deepak Parekh said when asked if he expected an interest rate cut,adding a cut may not happen immediately but could come after a few weeks.

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Since October,the central bank cut its key lending rate,the repo rate,by 350 basis points in four moves to bolster growth.

He also said on Tuesday there was enough liquidity in the banking system.

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