HDFC has reduced its retail prime lending rate on housing loans by 10 basis points. The leading private lender announced this decision on Wednesday. It said that the new rates will come into effect from today (August 1.) In a statement, lending major HDFC said that the new rate for women on loans up to Rs 30 lakh is 8.55 per cent per annum; 8.6 per cent on loans up to Rs 30 lakh, 8.8 per cent on loans for women between Rs 30.01 lakh and Rs 75 lakh, and 8.85 per cent on loan of Rs 30.01 lakh - 75 lakh.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

HDFC has also said it has revised loan rate on Rs 75.01 lakh-worth loan for women to 8.85 per cent, and for loans worth Rs 75.01 lakh and above to 8.90 per cent.

It is expected that that new rates will benefit all customers. 

Earlier on Monday this week, State Bank of India (SBI) had realigned its interest rate on Retail Term Deposits (less than Rs. 2 Crore) and Bulk Term Deposits (Rs. 2 Crs and above) with effect from August 1, 2019. The public sector lender had said in a statement that for fixed deposits with longer tenors, there would a reduction up to 20 bps in the Retail segment and 35 bps in the Bulk segment. The public sector lender slashed interest rates by 50-75 bps for fixed deposits with shorter tenors, i.e. up to 179 days.