HDFC reduces lending rate from WednesdayMarch 24th, 2009 - 8:21 pm ICT by IANS
New Delhi, March 24 (IANS) Housing finance company HDFC Tuesday announced a reduction in its retail prime lending rates (RPLR) by 50 basis points (bps) from March 25.
This is the second time in three months that HDFC has reduced its RPLR. With this reduction, the RPLR has been brought down by 100 bps since December.
“We have over the last few months 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 have resulted in an increased interest from first-time house buyers,” HDFC joint managing director Renu Sud Karnad said explaining the rate cut.
The advantage of the RPLR reduction will accrue to all the existing floating rate customers over the next three months based on their respective reset dates, a company statement said.
Interest rates on existing loans to non-resident Indians have also been reduced, it added.
HDFC reduced its deposit rates across maturities earlier this month. On an incremental basis, retail deposits for the first nine months - April-December 2008 - formed 55 percent of HDFC’s funding requirement, the statement said.
- HDFC Bank cuts rate by 0.5 percent - Dec 19, 2008
- SBI, PNB hike interest rate on NRE term deposits (Lead) - Dec 27, 2011
- Banks expected to pass on cost savings to borrowers - Apr 17, 2012
- Bank of India raises interest rates on NRE term deposits - Dec 29, 2011
- Interest rates to go down but not immediately, say top banks - Apr 17, 2012
- PNB raises interest rate on NRE term deposits - Dec 27, 2011
- Union Bank raises base rate by 50 bps to 8.5 percent - Oct 15, 2010
- Bulk, retail deposit interest rates would go down first: Bankers - Apr 17, 2012
- SBI hikes deposit rates by 25-75 bps, keeps base rate steady - Sep 30, 2010
- HDFC quarterly net profit rises 10 percent - Jan 12, 2012
- Some of the top Indian women bankers (Sidebar) - Mar 06, 2011
- Union Bank hikes lending rate by 50 bps - Dec 27, 2010
- RBI adopted a dovish policy: HDFC Bank official - Jan 24, 2012
- Punjab National Bank cuts lending rates - Jan 30, 2009
- Union Bank raises interest rates - Dec 18, 2010
Tags: affordable housing, basis points, developers, existing loans, finance company, first nine months, first time house buyers, incremental basis, indians, interest rates, managing director, march 25, maturities, measures, New Delhi, prime lending rates, rate customers, second time, three months