HDFC Cuts Interest Rate, Cheaper Home Loan EMIs for Existing Borrowers

Leading private sector lending institution in the country, the HDFC Ltd has slashed its lending rate on Home Loans by 15 bps with effect from April 22, 2024. The rate cut follows RBI’s recent reduction in benchmark lending rate and will benefit all existing HDFC Home Loan customers.

In its official statement, the lender said: HDFC reduces its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 15 basis points, with effect from April 22, 2024.”

Following this rate cut of 15 bps, the New Rates of Interest for HDFC Housing Loans will now fall between 8.05% -8.85 %. Previously in this year, HDFC had cut its RPLR rate twice by 5 basis points in March & January, respectively.

In similar lines, the State Bank of India (SBI) had also slashed its MCLR by 35 bps across all tenors last week. Amid financial disruptions caused by pandemic spread, the RBI has eased up cash flow for banks and financial institutions. The RBI had cut down the repo rate by 75 bps and reserve repo rate by 1.15 within one month. The current repo rate at 4.40% and reserve rate at 3.75 are lowest ever.