HDFC cuts retail prime lending rate by 10 bps

Mortgage major Housing Development Finance Corporation on Monday reduced its retail prime lending rate (RPLR) on housing loans by 10 basis points, making loans cheaper for all its existing customers.

The RPLR, on which its adjustable rate home loans are benchmarked, would be reduced by 10 basis points from October 15, 2019, according to a press statement. New rates offered by the lender will now range from 8.25% to 8.65%.

The move comes at a time when a number of lenders have been reducing their rates, following a cumulative repo rate cut of 135 bps since February by the RBI. The country’s largest lender, SBI, had cut its marginal cost of funds-based lending rate by 10 bps last week to 8.05% from 8.15%.