Indian banking major HDFC on Monday followed the rate cut strategy of its market competitors ICICI and SBI by lowering new low-cost home loan prices by 15 basis points to 8.35 percent for women borrowers and by 10 bps for men.
HDFC has lowered its mortgage pricing for new low-cost home loans to 8.35 percent from 8.50 percent for loan below Rs 30 lakh for women borrowers and by 10 bps to 8.40 percent for men. The new rates will be applicable with immediate effect.
One basis point is one-hundredth of a percent. For loans between Rs 30 and Rs 75 lakh, the new rates will be 8.50 percent for all borrowers and for above Rs 75lakh, new loans will be priced at 8.55 per cent, the largest pureplay mortgage lender said.
Earlier the lender had a flat rate of 8.50 percent for all types of borrowers. With this, the three largest players offer similar prices for new affordable home loans.
Earlier in the day, the largest private sector lender ICICI Bank cuts its offering by 30 bps to 8.35 percent for loans up to Rs 30 lakh, bringing it in line with the country's largest lender SBI, which had last week set the tone for the maret.