HDFC (Housing Development Finance Corporation) has announced that it will reduce its Retail Prime Rate (RPLR) on home loans by 5 basis points and a new interest rate will take effect from today March 4. . HDFC had cut mortgage interest rates by 5 basis points to 6.75%.

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“HDFC reduces its retail prime rate (RPLR) by 5 basis points on home loans, against which its variable rate home loans (ARHL) are compared, with effect from March 4,” ANI said citing the HDFC statement.

Previously, the country’s largest lender, the State Bank of India, had cut interest rates on home loans by up to 10 basis points (bps) and is offering loans starting at 6.70%.
The new SBI rates are based on the loan amount and the borrower’s CIBIL score, and are available until March 31, 2021, according to a statement.

The SBI said mortgage interest rates would start at 6.70% for loans up to Rs 75 lakh and 6.75% for loans in the range of Rs 75 lakh to Rs 5 crore.

Saloni Narayan, deputy general manager (retail) of SBI, told PTI: “We want to take advantage of the holiday season, especially Holi. This being the last month of the year, we are considering quite a few.”

Claiming to offer the lowest interest rate on real estate, Kotak Bank had also cut its mortgage rates by 10 basis points (bps) for a limited period. With the rate deduction, Kotak customers were eligible for 6.65% home loans until March 31 as part of a special offer after the rate cut, the bank reported in a statement.

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