Zee Media Bureau
New Delhi: India's leading home loan provider Housing Development Finance Corporation Limited (HDFC) on Friday cut its home loan rates by 0.20 percent to 9.90 percent from the existing 10.10 percent.
The new home loan rate will benefit both the new and existing borrowers of the company and will come into effect from April 13, said the company.
HDFC said the reduction in its retail lending rate would benefit all customers, including Non-Resident Indians (NRIs)
The move comes after the Reserve Bank of India did some tough-talking on the need for commercial lenders to bring down rates.
After two cuts in three months, the RBI kept the repo rate, at which the central bank lends to banks, unchanged at 7.5 percent on fears of unseasonal rains impacting food prices during its quaterly policy review on Wednesday.
However, with the banks failing to pass on the benefits of the previous two cuts to the consumers, RBI governor Raghuram Rajan did some tough talking and nudged the lenders to bring down the rates.
Following this, leading banks -- SBI, ICICI and HDFC Bank -- cut their lending rates by 0.15-0.25 percent.
