to Rs 75 lakh. For loans above Rs 75 lakh, the private lender will now offer 10.50% against 10.65% earlier.
HDFC has cut rates by 25 bps in the Rs 30-75 lakh bracket to 10.25%. KMB cut interest rates by 25 bps to 10.25% for the loan bracket of up to Rs 75 lakh and by 15 bps to 10.75% for loans above 75 lakh. Data from the Reserve Bank of India showed that home loans in the April-October period grew by 8.66%, almost double the growth rate of 4.87% from the same period last year.
With the cost of funds having come down, and the demand for corporate loans still tepid, banks are looking to grow their home loan portfolios.