HDFC trims lending rate by 10 basis points; move will bring down interest rates for borrowers

  • Mortgage lender HDFC Ltd on Monday slashed its benchmark lending rate by 10 basis points, a move that will bring down interest rate for existing as well new borrowers

  • The new rate will be effective from 15 October

  • The finance company has reduced Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 10 basis points

New Delhi: Mortgage lender HDFC Ltd on Monday slashed its benchmark lending rate by 10 basis points, a move that will bring down interest rate for existing as well new borrowers.

The rate cut is in line with other lenders who followed the moderation in benchmark rate effected by RBI earlier this month.

The new rate will be effective from 15 October, HDFC said in a statement.

 HDFC trims lending rate by 10 basis points; move will bring down interest rates for borrowers

Representational image.

The finance company has reduced Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 10 basis points, it said.

New rates will now range between 8.25 percent and 8.65 percent and the change will benefit all existing customers.

Earlier this month, RBI cut interest rates for the third time this year by 25 basis points to its lowest level in nine years and signalled more easing as it looks to support the economy growing at its slowest pace in six years.

The Reserve Bank of India (RBI) cut the repo rate to 5.75 percent and reverse repo rate to 5.50 percent and said it expects banks to transmit these to home, auto and other loan borrowers faster.

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Updated Date: Oct 15, 2019 13:40:34 IST