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HDFC Further Cuts Retail Lending Rates by 20 bps; Lower EMIs from Today
In a third consecutive rate cut since March 2020, HDFC Bank has cut its retail prime lending rate by 20 basis points with immediate effect. The reduced RPLR will be beneficial for both HDFC retail Home Loan and Non-Home Loan customers.
What is Prime Lending Rate?
Prime lending rate is the rate at which the bank lends to its most creditworthy customers. Following the latest rate cut of 20 bps in interest rate, the new retail rates will range anywhere between 7.5-8.5%.
Latest Home Loan Rates
PLR: 16.20% as on 12 June 2020
| Home Loan Interest Rates (% p.a.) | |
| For prime customers with credit score of 780 & above | 7.5 |
| For others: | |
| Slabs | Home Loan Interest Rates (% p.a.) |
| For Women* (up to 30 Lakhs) | 7.75 to 8.25 |
| For Others* (up to 30 Lakhs) | 7.75 to 8.25 |
| For Women* (30.01 Lakhs to 75 Lakhs) | 7.90 to 8.40 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 7.90 to 8.40 |
| For Women* (75.01 Lakhs & Above) | 8.00 to 8.50 |
| For Others*(75.01 Lakhs & Above) | 8.00 to 8.50 |
* Adjustable rates
(source HDFC Website)
Just a few days ago State Bank of India had reduced MCLR by 25 basis points across all tenors. The SBI has also announced reduction in repo rate linked rate from July 1, 2020.
As per HDFC Bank’s official statement, the borrowers will now save Rs 325 per month on Rs 25 lakh loan with a 20 year tenure and Rs 300 for a 15 year tenure loan. The new RPLR is 16.20% after. The total deduction since March 2020 has been 40 bps.
Also Read: SBI Slashes MCLR & EBR Rates; Cheaper EMIs for Home Loans & Corporate Loans
