HDFC reduces prime lending rates on home loans by 10 bps from August 1

Mortgage lender HDFC has cut its retail prime lending rates on housing loans by 10 basis points (bps) with effect from August 1 for all existing customers. 

For new customers, interest charged on loans up to Rs 30 lakh will be 8.6 per cent from August 1. Similarly, for loans above Rs 30 lakh and up to Rs 75 lakh, interest rate charged will be 8.85 per cent and for loans above Rs 75 lakh, the interest charged will be 8.9 per cent. 

For women borrowers, there is an extra 5 bps discount in each category of loans. Union Bank cuts MCLR by up to 20 bps 

On Tuesday, public sector lender Union Bank of India cut its marginal cost of funds-based lending rate (MCLR) by up to 20 basis points. 

The overnight and one-month MCLR stands reduced to 8.1 per cent from 8.25 per cent and 8.3 per cent, respectively. Three months and six months’ MCLR has been reduced by 10 bps to 8.25 per cent and 8.35 per cent. 

One-year MCLR would be at 8.5 per cent, from 8.55 per cent earlier, the bank said in a statement. All loans linked to MCLR also stand reduced by 20 bps, effective August 1, the bank said in a statement.