HDFC Cuts PLR, Home Loan EMIs Go Down Before Diwali

Ahead of Diwali festival HDFC has come up with an assured gift for its existing Home Loan customers. The largest private lender of the country has cut down its retail prime lending rates (RPLR) for Housing Loans by 10 basis points or 10%, effective from November 10,2020.

The lender’s media release said: “HDFC reduces its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 10 basis points, with effect from November 10, 2020.

The move will benefit all existing HDFC retail Home Loan customers. The lender also noted that Home Loan disbursements were better than expected in October. While new loan approvals rose by 58% from last year, loan disbursements gained 35%. This is one of the best recovery signs for the sector post COVID19.

Currently most banks and NBFCs have announced special festive offers including processing fee waiver, concessional rates and flexible repayment plans for new customers, besides the rate cuts and ex gratia amount for existing customers. In all, customers will have a few hundred more in their pockets ahead of Festive week.

Happy Diwali.