HDFC, country’s leading housing finance firm, reduced its home loan rate by 20 bps to 9.9 per cent on Friday. The rate cut will benefit its new and existing borrowers in the form of lower EMIs (equated monthly instalments).
Housing Development Finance Corporation or HDFC’s move comes two days after the RBI announced a status quo in its monetary policy review and Governor Raghuram Rajan prodded banks and lending institutions to pass on the previous two policy rate cuts effect since January this year.
The company said the reduction in the RPLR will also be applicable on loans to Non-Resident Indians (NRIs).