Following other banks rate cut move, Bank of India (BOI) and Housing Development Corporation of India (HDFC) have lowered their home loan rates. 

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Bank of India (BOI) has set marginal cost of funds based lending rate (MCLR) for loans with one year tenor at 8.50%. 

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The new MCLR rate will be effective from January 7 this year, Bank of India (BOI) said in a filing to the BSE on Tuesday. 

Similarly, Bank of India (BOI) has also set MCLR rate for loans with different maturities. 

For overnight loans, BOI has set MCLR rate at 8.10%.

For loans from one month to six months tenor, the bank's new MCLR rate ranges between 8.25% to 8.40%, it said. 

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HDFC has cut rates on home loans up to Rs 75 lakh for women to 8.65%, Bloomberg reported. The home loans above Rs 75 lakh for women will be at 8.7%, it added. 

HDFC has cut rates on home loans up to Rs 75 lakh for others to 8.7%.

The news rates will be effective from January 2.