HDFC has slashed home loan rate to 10.15% for new borrowers from Aug 1
Home loan rates have been cut by HDFC to 10.15 percent for new borrowers with effect from August 1, 2014. The new rates will be applicable for the loans of all new borrowers regardless of the loan amount.
Going by the information obtained by Financial Chronicle, the scheme under which HDFC has slashed home loan rates is called ‘monsoon bonanza.’ The scheme states that “any file (read loan) that gets logged in from August 1 onwards and disbursed by September 30 would be eligible for the offer.”
Under the terms of the new scheme, only new borrowers who are either salaried or self-employed professionals can avail the advantage of the reduced loan interest rate. As such, there will be no change in the equated monthly instalments (EMIs) of the current customers. However, loans for purchasing plots will not qualify for the ‘monsoon bonanza’ scheme.
According to an HDFC spokesperson, the home loan rate reduction came ahead of the third bi-monthly credit policy review by the Reserve Bank of India (RBI) on Tuesday.
With HDFC having slashed home loan rates, and with State Bank of India offering home loans up to Rs 75 lakh at 10.10 percent and 10.15 percent for women and male borrowers respectively, Sukanya Kumar – director and founder of retailLending – noted that “This is the best time to take a home loan;” and added: “Go for floating rate loans, as interest rates are likely to come down.”
Source – Financial Chronicle
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