Housing Development Finance Corporation (HDFC), country's largest mortgage lender, today announced a cut by 10 basis points its lending rates. Interest rates for housing loans below Rs 30 lakh now stands at 10.15% and for the loans above Rs 30 lakh the interest rate would be 10.4%, HDFC said in release.
"Over the past couple of months we have seen a drop in CRR and cut in repo rate which have resulted in our costs of funds at a portfolio level come down and as always HDFC has ensured that benefit is passed on to existing customers by way of a reduction in RPLR.” said Renu Sud Karnad, managing director, HDFC.
"We have over the last few months also seen that the measures taken by the government has improved sentiment which will provide more confidence to customers wanting to buy a house”, she added.
The rates of interest on existing loans to NRI’s have also been reduced, HDFC said.
