Date:20/12/2008 URL: http://www.thehindu.com/2008/12/20/stories/2008122052681400.htm

Business

HDFC cuts home loan rates

Creates sub-Rs. 20-lakh slab

MUMBAI: HDFC on Friday cut the lending rate by 50 basis points for loans of more than Rs. 20 lakh for both existing and new customers and introduced a new slab for sub-Rs. 20 lakh.

Loans of up to Rs. 20 lakh will attract an interest rate of 10.25 per cent and the rates for loans above this level has been pegged at 11.25 per cent down from 11.75 per cent. The new rates are effective from Monday.

“The advantage of a cut in retail prime lending rates (RPLR) will accrue to all the existing floating rate customers over a period of next three months based on their respective reset dates,” HDFC said in a statement.

HDFC also decided to reduce the deposit rates by 50 basis points. — PTI