Hdfc Follows Suit, Cuts Rates By 50-75 Basis Pts

Housing Development Finance Corporation (HDFC) has slashed interest rates on housing loans by 50 to 75 basis points. The housing loan major is the last to revise its rates since ICICI Bank triggered off a fresh interest rate war in mid January. The revised rates come into effect from Wednesday.

New rates for resident Indians have dropped to 9.25 per cent for fixed interest rate loans of up to five years from 9.75 per cent. Floating loans for a similar maturity stand revised to nine per cent.

HDFC has dropped rates on loans of six to 10 years