After the State Bank of India, SBI, and Kotak Mahindra Bank, now the Housing Development Finance Corporation (HDFC) has also given a big relief to the home buyers in the Corona era. HDFC has reduced home loan interest rates. The bank has reduced its Retail Prime Lending Rate (RPLR) by 5 basis points (5 basis points).
HDFC in a filing to the stock exchange on Wednesday informed its Retail Prime Lending Rate (RPLR) reduction of 5 basis points. According to the bank, it will come into effect from March 4, 2021. After a 5bps cut, the home loan rate in HDFC (Housing Development Finance Corporation) has come down to a minimum of 6.75 percent. According to the information provided in the filing, the benefit of this change will be given to all existing HDFC Retail Home Loan customers.
This decision has been taken at a time when the State Bank of India (SBI) has cut the interest rates on home loans by 70 basis points (bps) two days earlier and after that, the initial rate has come down to 6.7%. SBI has also waived processing fees till 31 March. Kotak Mahindra Bank has also announced a 10 bps reduction in home loans. The bank has said that customers can take home loans at the rate of 6.65% till 31 March.
Like SBI, HDFC has also said that customers who have a good credit history can take a new loan at the rate of 6.75%. This rule will be applicable for any loan amount.
At the same time, Kotak Mahindra Bank has also reduced the home loan interest rate from March 1. The bank has reduced it by 10 basis points (bps). After which the home loan interest rate has come down to 6.65 percent. Kotak Bank has claimed that its offer is the cheapest in the home loan market. That is, these interest rates are the lowest in the market. The bank said in a statement that it is a special offer that is in force till 31 March 2021. This is applicable to all loan accounts. The private lender has stated that the interest rates will be linked to the credit score of the borrowers and the loan to value- LTV ratio.
