New Delhi: Home loan major HDFC has lowered the rate of interest for all loans, irrespective of tenure or amount, by 10 basis points for new and existing customers. The new rate of interest will start from Thursday, 1 August, it said in a statement.
The new rate of interest for home loans of up to Rs 30 lakh will be 8.6 percent. The rate of interest for loans between Rs 30 lakh and Rs 75 lakh will now be 8.85 percent and for loans of above Rs 75 lakh, the interest rate will be 8.9 percent now.
The move comes after repo rate cut of 75 basis points by the Reserve Bank Of India on three consecutive occasions to 5.75 percent. Some of the other commercial banks have also reduced their lending rates in the range of 5-10 basis points.