Mumbai: Housing Development Finance Corporation (HDFC) has reduced the interest rate on home loans for its customers.
It has cut the Retail Prime Lending Rate (RPLR) on home loans by 0.05 percent. The new rates have come into effect from 4 March 2021.
The company has informed the stock exchanges about this. Bank officials said that after this deduction, a home loan will be available at 6.75 percent interest to the best customers with good credit history.
Recently, State Bank of India and Kotak Mahindra Bank have reduced interest rates on their home loans. SBI had announced to reduce these to 6.70 percent and Kotak Mahindra to 6.65 percent.
Kotak Mahindra Bank in the private sector announced a 0.10 per cent reduction in home loan interest. Under the special offer, customers will be able to take a loan at a discounted rate till 31 March.
Earlier, the country’s largest bank SBI announced a discount on home loan interest rates for a limited period. This concession is equal to 0.70 percent.
HDFC said that it has reduced its Retail Prime Lending Rate (RPLR) on home loans by 0.05 percent, which will be effective from March 4. The company’s adjusted rate of home loans (ARHL) is the benchmark on RPLR itself.