HDFC Ends Its Concessional Loan Offer Starting At 6.7%

Housing finance major HDFC has ended it concessional loan rate offer under which the starting interest rate was 6.7 percent. The offer ended on March 31, 2021.

HDFC Ends Its Concessional Loan Offer Starting At 6.7%

In early march the Housing Development Finance Corporation (HDFC) announced a cut in its RPLR ( retail prime lending rate) by 5 basis points, effective March 4, 2021. In a filing,HDFC said, "HDFC reduces its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points". So, the rate on home loan stood reduced to 6.75% from 6.8%.

SBI which also offered concession of up to 70 basis points with interest starting from 6.7% onwards also ended its scheme on March 31, 2021.

State Bank of India (SBI) announced an interest concession of up to 70 bps with interest rates starting from 6.7% onwards for a limited period offer till March 31, 2021. Similarly, other lenders may follow suit and revise loan rate higher. Other lenders that offer starting interest rate (comparable) include Punjab and Sind Bank (6.65 per cent), ICICI Bank (6.70 per cent), and Bank of Baroda (6.75 per cent).

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