HDFC cuts home loan rates by up to 0.45%

Bank of India also reduced its home loan rates by 0.9%

Taking cue from banks, country's largest mortgage lender HDFC today reduced its home loan rates by up to 0.45%.

Loans up to Rs 75 lakh will attract interest rate of 8.7% per annum, while it will be 8.75% for higher amounts, HDFC said in a statement.

A woman applicant will get a discount of 0.05% in interest rate. HDFC's earlier benchmark rate was 9.1%.

The revised rates are effective from today.

"Over the past couple of months we have seen a drop in our marginal costs of funds and as always HDFC has ensured that benefit is passed on to its customers," said Renu