Home loans from Housing Development Finance Corporation (HDFC) are set to get cheaper from 6 January as the mortgage lender reduces the retail prime lending rate by 5 basis points.
"HDFC reduce its retail prime lending rate on housing loans, on which its 'Adjustable Home Loan Rate' (AHLR) are benchmarked, by 5 basis points with effect from January 6, 2020," the company said in a regulatory filing.
After the subsequent rate cuts, the effective rates for women borrowers on home loans up to Rs 30 lakh would be 8.05 percent, from Rs 30-75 lakh at 8.30 percent and above Rs 75 lakh at 8.40 percent. For men, the interest rates are 0.05 percent higher.
The change will benefit all existing HDFC customers, the company said.