Moneycontrol
Get App
you are here: HomeNewsBusiness
Last Updated : Apr 21, 2020 07:34 PM IST | Source: PTI

HDFC cuts home loan rate by 15 bps

The move comes after a few lenders, including the country's biggest lender State Bank of India, trimmed their lending rate.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

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.

The move comes after a few lenders, including the country's biggest lender State Bank of India, trimmed their lending rate.

"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 statement.

Close

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

New rates will now range between 8.05-8.85 per cent. 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.

Follow our full coverage of the coronavirus pandemic here.

Moneycontrol Ready Reckoner
Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.

First Published on Apr 21, 2020 07:32 pm
Sections
Follow us on