HDFC cuts interest on new home loans by 50 basis points, but it is limited period offer

19 Jan 2009

Housing Development Finance Corporation (HDFC) has introduced a special disbursement offer on its home loans.  Accordingly, loans upto Rs 30 lakh will be offered at lower 9.75% interest and above Rs 30 lakh at 10.75% per annum. 


Earlier, effective from 22nd December 2008, the company reduced its retail prime lending rates by 50 basis points while similar 50 basis points cut in interest on deposits were made, but effective from 23rd December 2008.


This brought the interest on floating rates on new loans upto Rs 20 lakhs to 10.25% and for new loans above Rs 20 lakhs to 11.25%.  With the move on 16th January 2009, these rates have come down further by 50 basis points, and the loan slab stands increased to Rs 30 lakh.  However, HDFC said that this is a limited period offer for new loans under floating rates. crackcrack
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