Housing Development Finance Corporation (HDFC) has reduced its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 15 basis points (bps). Simultaneously, it did away with the preferential interest rate benefit for women borrowers.
The new housing loan rate will be effective April 22. The new interest rate for salaried borrowers on home loans up to ₹30 lakh is 7.85 per cent; ₹30.01 lakh to ₹75 lakh is 8.10 per cent; and ₹75.01 lakh and above is 8.15 per cent.
HDFC said this change in home loan rates will benefit all existing customers. This cut comes in the backdrop of overall cost of funds going down for the lender, following the RBI cutting the policy repo rate by 75 basis points to 4.40 per cent on March 27, and easy liquidity in the financial system.