HDFC ends its concessional loan offer from 6.7%
Leading housing finance company HDFC ended its concessional loan rate offer whereby the starting interest rate was 6.7%. Offer expired March 31, 2021.
In early March, the Housing Development Finance Corporation (HDFC) announced a drop in its RPLR (Retail Prime Lending Rate) by 5 basis points, effective March 4, 2021. In a filing, the HDFC said: RPLR) on Home Loans, on which its Adjustable Rate Loans (ARHL) are benchmarked, by 5 basis points. “Thus, the mortgage rate was reduced to 6.75% against 6.8%.
SBI, which also offered a concession of up to 70 basis points with interest starting at 6.7%, also ended its program on March 31, 2021.
The State Bank of India (SBI) has announced an interest concession of up to 70 basis points with interest rates starting at 6.7% for a limited period until March 31, 2021. Likewise, other lenders can follow suit and revise the loan rate upwards. Other lenders who offer (comparable) starting interest rates include Punjab and Sind Bank (6.65%), ICICI Bank (6.70%) and Bank of Baroda (6.75%).
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Article first published: Monday, April 5, 2021, 2:53 p.m. [IST]