HDFC cuts interest rate

Mortgage major HDFC also cut its interest rate offering on Wednesday, making credit cheaper 0.05 per cent to its customers.

The ‘best customers’ having good credit histories will be now able to get new loans at 6.75 per cent after the cut, irrespective of the home loan amounts, officials said.

The move comes two days after similar announcements by rivals SBI and Kotak Mahindra Bank, who are now giving home loans at 6.70 per cent and 6.65 per cent, respectively. “HDFC  reduces its retail prime lending rate (RPLR) on housing loans, on which its adjustable-rate home loans (ARHL) are benchmarked, by 0.05 per cent, with effect from March 4,” an official statement said.