The Housing Development Finance Corporation, or HDFC, announced on Wednesday that it has cut its Retail Prime Lending Rate (RPLR) on home loans by 5 basis points. In a filing with stock exchanges, HDFC stated, “HDFC reduces its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points, with effect from March 4, 2021.”
HDFC’s home loan rate reductions comes just days after banks like the State Bank of India (SBI) and Kotak Mahindra Bank announced rate cuts. However, unlike HDFC, SBI and Kotak Mahindra Bank’s reduced home loan rates are available for a limited period.
The State Bank of India (SBI) announced an interest concession of up to 70 bps with interest rates starting from 6.7% onwards for a limited period offer till March 31, 2021.
Kotak Mahindra Bank on Monday announced a 0.10 percentage point cut in its home loan rates for a limited period. Customers will be able to avail home loans for 6.65 per cent till March 31 as part of a special offer after the rate reduction, the bank said in a statement.