HDFC, ICICI bank cut home loan rates
Mumbai, May 15
Pureplay mortage player HDFC on Monday followed suit of its rivals and lowered new low-cost home loan prices by 15 bps to 8.35 per cent for women borrowers and by 10 bps for men, thereby matching the rates offered by SBI last week and ICICI Bank earlier in the day.
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HDFC has lowered its mortgage pricing for new low-cost home loans to 8.35 per cent from 8.50 per cent for loan below Rs 30 lakh for women borrowers and by 10 bps to 8.40 per cent for men. The new rates will be applicable with immediate effect.
One basis point is one-hundredth of a per cent.
For loans between Rs 30 and Rs 75 lakh, the new rates will be 8.50 per cent for all borrowers and for above Rs 75 lakh, new loans will be priced at 8.55 per cent, the largest pureplay mortgage lender said.
Earlier, the lender had a flat rate of 8.50 per cent for all types of borrowers.
With this, the three largest players offer similar prices for new affordable home loans.
Earlier in the day, the largest private sector lender ICICI Bank cut its offering by 30 bps to 8.35 percent for loans up to Rs 30 lakh, bringing it in line with the country's largest lender SBI, which had last week set the tone for the market. — PTI
