HDFC cuts home loan rate by 15 bps; all existing customers to benefit

Leading mortgage lender HDFC on Tuesday slashed its lending rate by 15 basis points amid a gradual decline in cost of borrowing across the system, PTI reported. The move comes after a few lenders, including the country's biggest lender State Bank of India, trimmed their lending rate, it said.

"HDFC reduces its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 15 basis points (bps), with effect from April 22, 2020," the company said in a  press statement.

The change will benefit all existing HDFC retail home loan customers, HDFC release said.

Rates will range between 7.85 per cent and 8.15 per cent for salaried class.

While the rates become applicable from tomorrow, following are the interest rates on home loans for different categories as on today as per the information available on the HDFC website:

-- For Women* (Upto 30 Lakh) 8.00 per cent to 8.50 per cent

-- For Others* (Upto 30 Lakh) 8.00 per cent to 8.50 per cent

-- For Women* (30.01 Lakhs to 75 Lakhs) 8.25 per cent to 8.75 per cent

-- For Others* (30.01 Lakhs to 75 Lakhs) 8.25 per cent to 8.75 per cent

-- For Women* (75.01 Lakhs & Above) 8.30 per cent to 8.80 per cent

-- For Others* (75.01 Lakhs & Above) 8.30 per cent to 8.80 per cent

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Rates across the banking system have headed south in the last few months, as the RBI and the government work in tandem to propel the slowing economy. The RBI last month cut the policy rate by 75 basis points to spur growth amid the COVID-19 crisis.