HDFC, BoI, others cut lending rates by up to 0.9 pc

January 03, 2017 21:41

Joining the rate cut bandwagon, several banks and housing finance companies, including HDFC, today lowered their lending rates by up to 0.9 per cent -- which will lead to cheaper home and corporate loans.

Among banks, Corporation Bank, Bank of India and Punjab & Sind Bank slashed their marginal cost of funds based lending rate.

Taking a cue from State Bank of India and other major lenders, mortgage finance company HDFC Ltd, Indiabulls Housing Finance too reduced lending rate by up to 0.45 per cent.

Loans up to Rs 75 lakh will attract interest rate of 8.7 per cent per annum, while it will be 8.75 per cent for higher amounts, HDFC said in a statement.

A woman applicant will get a discount of 0.05 per cent in interest rate.

HDFC's earlier benchmark rate was 9.1 per cent. Besides, Bank of India reduced its MCLRs upto 0.9 per cent. For one year, the MCLR is now 8.50 per cent, down 0.75 per cent.

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