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Friday, December 19, 2008

HDFC cuts interest rate by 50 basis points for home loans of more than Rs. 20 lakh for both existing & new customers

Introduces a new slab for sub-Rs 20 lakh

Up to Rs 20 lakh - 10.25 %

Above Rs. 20 lakh - 11.25 %

New rates - effective from Monday

"The advantage of a cut in retail prime lending rates (RPLR) will accrue to all the existing floating rate customers over a period of next three months based on their respective reset dates," HDFC said in a statement.

ICICI Bank:

HDFC's closest competitor in home loans ICICI Bank had earlier in this month reduced interest rates by 150 basis points to 11.50 per cent for fresh loans of up to Rs 20 lakh.

Public Sector Banks:

Public sector banks have already capped the interest rates at 8.5 per cent for loans up to Rs 5 lakh to encourage low-income housing.

For middle-income loans of Rs 5-20 lakh, the PSU banks would charge a maximum of 9.25 per cent.

These rates would be reset only after five years.

PSU banks scheme is valid up to June 30, 2009.

No processing fee and no pre-payment charges for loans up to Rs 20 lakh.

Free life insurance cover to the home loan seekers as an add-on with the credit.

The housing major's decision to reduce rates comes within 24 hours of Home Minister P Chidambaram announcing in Parliament that the government will persuade banks to reduce loans for existing home loan borrowers as well.

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