With India's leading
home loan finance company HDFC cutting its housing loan rates by 0.10%, if we
consider an average housing loan size of Rs. 35 lakh in the metros, the monthly
savings on EMIs ( Equated Monthly Installments) for the house
owner will be Rs. 245, translating to an annual savings of Rs. 2,940.
With two of the
leading housing loan providers in India going for a cut in rates, analysts
expect others to follow suit.
HDFC said its retail
prime lending rates (RPLR) for floating loans up to Rs. 30 lakh will be 10.15 %
per annum from 10.25 % earlier, while on home loans of more than Rs. 30 lakh it
would charge interest at the rate of 10.40 %, down from 10.50 % earlier.
The recent rate cuts by SBI, HDFC and several
other banks came after the RBI on January 29, 2013 cut repo rate the rate at
which banks borrow money from the central bank by 0.25% to 7.75 % per annum.
The central bank RBI
also cut cash reserve ratio (CRR) by 0.25% to 4.25 %, leading to lower cost of
funds for banks.
HDFC Home
Loan Rate...!
Floating
Loans
Loan Amount Old Rate New Rate
Up to Rs.
30 lakh 10.25 % 10.15 %
Above Rs.
30 lakh 10.50 % 10.40 %
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