HDFC Limited has issued a statement saying that it has reduced the retail prime lending rates by 10 basis points, so that customers will now have to pay a lower EMI on the home loan.
There is a relief news for people taking home loans from HDFC Bank. HDFC Bank has only cut the interest rate of its home loan, due to which the home loan has now become cheaper. The changed interest rates on home loans have come into effect from today itself. HDFC Ltd issued a statement stating that it has reduced retail prime lending rates (RPLR) by 10 basis points, so that customers will now have to pay less EMI on home loans. A statement issued by HDFC Bank said that the benefit of this deduction will be extended to all existing HDFC retail home loan and non-home loan customers.
HDFC Bank fixes floating rates on its home loans based on RPLR. That is, RPLR is the benchmark lending rate of home loan. Let us tell you that HDFC Bank’s home loan starts at 6.90% interest rate. The National Housing Bank (NHB) said earlier this month that there were signs of growth in the housing finance sector. The regulator of Housing Finance Companies (HFCs), NHB said in a statement that in September 2020, housing finance companies disbursed 130% more home loans and other types of loans. Let us tell you that many banks and finance companies have cut home loan interest rates in view of the festival season.
These banks made cheap home loans
Bank of Baroda (BoB) reduced home loan interest rate to 6.85 per cent from 7 per cent, with the bank’s new rate coming into effect from November 1, 2020. At the same time, Canara bank had cut the Marginal Cost of Lending Rates (MCLR) from 0.05 to 0.15 per cent, reducing home loan rates from 7.40% to 7.25%. At the same time, Union Bank of India has also made home loans cheaper. The bank has cut interest rate on home loans above Rs 30 lakh by 0.10 percent. Also, Bank of Maharashtra has reduced the RLLR by 0.15%, thereby increasing the interest rate of home loan to 6.90%. Follow
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