HDFC slashes home loan rate by 0.05 per cent
In line with the country's largest lender SBI, HDFC Ltd on Friday reduced the benchmark lending rate by 0.05 per cent, a move that will bring down interest rate for existing as well new borrowers. SBI earlier this week slashed in its external benchmark-based rate by 25 basis points to 7.80 per cent from 8.05 per cent. "HDFC reduces its Retail Prime Lending Rate (RPLR) on housing loans, on which its adjustable rate home loans (ARHL) are benchmarked by 5 basis points with effect from January 6, 2020," the mortgage lender said in a statement. New rates will now range between 8.20 per cent and 9 per cent, and the change will benefit all existing customers, it said. The rate cut by lenders come despite the RBI keeping its benchmark repo rate unchanged at 5.15 per cent in December monetary policy review.
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