HDFC cuts prime lending rate by 15 bps; move to benefit home loan customers

Housing Development Finance Corp (HDFC) on Tuesday reduced its prime lending rate, on which its floating loan rates are benchmarked, by 15 basis points with effect from Wednesday.

The rate cut will benefit all existing HDFC retail home loan customers, the largest mortgage finance player said in a statement. The reduction in rate comes after the RBI provided a boost to the banking system through its policy measures and also introduced a targeted long term repo operation (TLTRO), which the banks used to buy papers issued by top rated firms, including HDFC.