After big banks cutting base rate, housing
finance company HDFC (Housing Development Finance Corporation) has cut its
retail prime lending rate by 0.25% with the effective housing Loan rate at
9.65%.
The effective home loan rates for new customers
would be 9.65% per annum and for women will be 0.0% lower at 9.60% per year,
HDFC said in a statement.
Effective from 2015, October 6, this reduction
would benefit all customers, it added.
At present, SBI stands at the lowest base rate of
9.30%. However, effective housing loan rates stand at 9.50%. ICICI bank and
HDFC bank’s base rate are at 9.35% each, while Axis Bank’s base rate stands at
9.50%.
Recently, HDFC also reduced its deposit rates in
similar range across all maturities.
The reduction in the rates will also be
applicable on loans to Non-Resident Indians (NRIs) / PIO's card holders.
Top banks responded to the RBI’s key policy rate
cut by passing on the benefit to customers in the range of 0.20% to 0.40%.
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