After the State Bank of India and the Kotak Mahindra Bank, HDFC also cut interest rates on home loans. The lender cut rates 5 basis points to 6.75 percent. The changes will take effect from March 4, the housing finance company said on Wednesday.
“HDFC is reducing its Retail Prime Lending Rate (RPLR) on home loans, against which its variable rate home loans (ARHL) are compared, by 5 basis points, effective March 4, 2021,” HDFC said. All existing HDFC retail home loan customers will benefit from this change, the HFC said.
SBI had also reduced its interest rates on home loans. The main lender offers home loans at 6.70% interest per annum. Customers are not entitled to any processing fees on home loans until March as well. “The interest reductions are based on the loan amount and the borrower’s CIBIL score. SBI believes it is important to offer better rates to customers who maintain a good repayment history,” the bank said. .
Kotak Mahindra Bank also cut mortgage rates by 10 basis points for a limited period. She said she was offering the lowest rates on the market. Kotak customers will be able to take advantage of the 6.65% home loans until March 31 as part of its special after-rate reduction offer. The bank said the 6.65% rate is applicable to both home loans and balance transfer loans through amounts. “Kotak continues to set the tone as the pricing leader in the home loan market and we are delighted to offer consumers a special year-end bonus in the form of even lower interest rates on loans. This is indeed the best time to buy a house, ”said Ambuj Chandna, president of consumer assets at Kotak Mahindra Bank.