New Delhi: Mortgage lender HDFC Ltd on Monday slashed its benchmark lending rate by 10 basis points, a move that will bring down the interest rate for existing as well new borrowers.
The new rate will be effective from October 15, HDFC said in a statement.
The finance company has reduced Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 10 basis points, it said.
New rates will now range between 8.25 per cent and 8.65 per cent and the change will benefit all existing customers.
Andhra Bank will also cut the marginal cost of funds based lending rates (MCLR) by 10 basis points across tenors from Tuesday.
The Andhra bank will decrease it's MCLR and RLLR (repo-linked lending rate) from October 15 and November 1, respectively, it said in a regulatory filing.
The rate cut is in line with other lenders who followed the moderation in benchmark rate effected by RBI earlier this month.
The benchmark one-year tenor MCLR, which is used to price most of the consumer loans, has been brought down to 8.30 per cent from 8.40 per cent.
For other tenors -- overnight to six-month -- the new rates will be cut by 0.10 percentage points each, ranging from 7.80-8.20 per cent.
The revised RLLR from November 1 will be 8.10 per cent from existing 8.35 per cent, the bank said.
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