HDFC Bank Ltd.

Housing Development and Finance Corporation (HDFC) has reduced its retail prime lending rates (RPLR) by 50 basis points, effective from 25^th March 2009. With this, the company has reduced RPLR by 100 basis points since December 2008.  The reduced rates will accrue to all the existing floating rate customers over a period of next three months based on their respective reset dates.

Further, similar cut in interest rates on existing loans of NRIs have also been made. HDFC said that over the last few months, they have seen that the measures taken by the Government, drop in interest rates, correction in property prices and developers introducing affordable housing by resizing the area has resulted in an increased interest from first time house buyers.

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