HDFC Loans Get Cheaper By 15 Bps; New Rates 8.05-8.85%.

As the cost of borrowing has gradually come down in the system, the country's housing finance company HDFC has reduced its lending rate by 15 bps. The new reduced rates will come into effect from April 22.

HDFC Loans Get Cheaper By 15 Bps; New Rates 8.05-8.85%.

The move will help all retail loan borrowers of the financial institution.

"HDFC reduces its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 15 basis points, with effect from April 22, 2020," the housing finance company said in a filing to the Bombay Stock Exchange.

So, the new rates at HDFC will range between 8.05-8.85%.

The move follows other major lenders after SBI also cut their lending rate by a huge 75bps across tenures.

Also, the institution said that it would issue secured redeemable Non-Convertible Debentures (NCDs) for Rs 1,250 crore with option to retain oversubscription upto Rs 3,750 crore on private placement. The issue opens for bidding on April 23, 2020 and closes on the same day.

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