Major Indian mortgage lender, Housing Development Finance Corporation (HDFC), on Wednesday informed its decision to cut retail prime lending rates on home loans by 10 basis points with effect from 1 August 2019.

"HDFC has reduced its Retail Prime Lending Rate (RPLR) on Housing Loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 10 basis points with effect from August 1, 2019," the lender said in its regulatory filing with BSE.

Home loans up to Rs 30 lakh will be offered at 8.60 percent, it said. For women borrowers, HDFC will be offering these loans at Rs 8.55 percent. It also said that the reduction will be applicable on existing borrowers as well.

Loans above Rs 35 lakh and up to Rs 75 lakh will be offered at an interest rate of 8.85 percent for general customers and at 8.80 percent for women.

Further, interest rates on housing loans over Rs 75 lakh were lowered to 8.90 percent, while the same will be offered to women at 8.85 percent.

Since RBI's policy rates were lowered in June, many banks including the State Bank of India (SBI) have opted to reduced their loan pricing.