On Wednesday, the Housing Development Finance Corporation, or HDFC, reported a 5 basis point drop in its Retail Prime Lending Rate (RPLR) on home loans, taking it to 6.75 percent. The reforms will take effect on March 4, according to the bank. "With effect from March 4, 2021, HDFC lowers its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points," the bank stated. This move will help all current HDFC retail home loan customers, according to the lender.
SBI has also recently cut its home loan interest rates. The largest lender provides home loans at a rate of 6.70 per cent annually. Customers will also get zero processing fees on home loans before March. The interest discounts are determined by the loan amount and the borrower's CIBIL score. SBI claims it is great to give preferential rates to consumers who have a clear credit background.
For a limited time, Kotak Mahindra Bank cut home loan rates by 10 basis points. It claimed to have the cheapest rates on the market. After rate reductions, Kotak customers will be able to get home loans for 6.65% until March 31 as part of a special deal. According to the bank, the 6.65% rate is applied to all home loans and balance transfer loans. "We are pleased to give customers a special year-end incentive in the form of even lower home loan interest rates, as Kotak persists to set the trend as the price leader in the home loan market." Ambuj Chandna, President-Consumer Assets at Kotak Mahindra Bank, said, "This is the perfect time to buy a home."