On Friday, the top housing finance company HDFC announced a big relief for the borrowers. The company has cut interest rates by 0.20 percent. HDFC has taken this decision after a cut in interest rates by top banks like State Bank of India. HDFC has issued a statement saying, HDFC has reduced its Retail Prime Lending Rate (RPLR) by 0.20 percent on housing loans. This will be effective from June 12, 2020. "The company has said that this reduction in interest rates will benefit all existing retail home loan and non-home loan customers of HDFC.
In its statement, the company has said that the new rates of interest for existing salaried home loan customers will be between 7.65-7.95 percent. There has been a significant reduction in interest rates in the entire banking system in the last few months as the central bank has drastically cut key policy rates to speed up the sluggish pace of the economy. At the same time, the Reserve Bank of India had drastically cut the repo rate by 0.40 per cent last month to strengthen the economy during this crisis of Kovid-19. With this, the repo rate reached a historic low of 4 percent.
For your information, let us tell you that earlier Bank of Baroda (BoB), Union Bank of India (UBI) and HDFC Bank had also reduced MCLR based interest rates. HDFC Bank has reduced the MCLR by 0.05 per cent for all periods. At the same time, BoB has cut MCLR by 0.15 percent and UBI by 0.10 percent.
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