HDFC cuts home loan rates by 10 bps

Updated - July 31, 2019 10:44 pm IST

Published - July 31, 2019 10:13 pm IST - Mumbai

Mortgage lender Housing Development and Finance Corporation (HDFC) has reduced the home loan rates by 10 basis points (bps) with effect from Thursday. The reduction will benefit the existing and new customers. The revised rate for loans of up to ₹30 lakh will be 8.6%, while for loans between ₹30 lakh and ₹75 lakh, it will be 8.85%. For loans above ₹75 lakh, the rate will be 8.9%. Women borrowers will be charged 5 bps lower than the above rates.

Lenders have started to reduce rates after the Reserve Bank of India (RBI) reduced the repo rate by 75 bps in 2019.

State-run lender Union Bank of India has reduced the one-year marginal cost of fund-based lending rate (MCLR) by 5 bps to 8.5% with effect from August 1. For some loan tenures, the MCLR reduction is up to 20 bps.

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