HDFC will offer women borrowers home loans at 8.65% and others at 8.70% for loans up to Rs 75 lakh. The mortgage lender’s rates are now competitive with those of large lenders such as State Bank of India and ICICI Bank, which have set their home loan rates at 8.65% and 8.7%, respectively. BoB now offers the lowest home loan rate of 8.35% to CIBIL score holders of 760 and above.
HDFC on Thursday cut its retail prime lending rate (RPLR) by 15 basis points to 16.15% in a move that will benefit existing customers. “The reduction in the RPLR will also be applicable on loans to non-resident Indians (NRIs)/ PIO card holders,” HDFC said. The lender had last cut its RPLR in October 2015 by 25 bps to 16.30%. While loans from banks are pegged at their MCLRs and a spread, HDFC home loans are earmarked to its RPLR. HDFC’s effective interest rate is arrived at subtracting a spread from its RPLR.
Earlier this month, HDFC had cut its home loan rates for new customers. “Over the past couple of months, we have seen a drop in our marginal costs of funds and as always HDFC has ensured that benefit is passed on to its customers” MD Renu Sud Karnad had said.