HDFC atlast cuts PLR by 50 bps

Highlights: Retail Prime Lending Rate (RPLR) reduced by 50 bps
Interest on Floating rate Home Loans up to 20 lacs dropped to 10.25%
Interest on Floating rate Home Loans above 20 lacs dropped to 11.25 %
Interest Rates on Deposits dropped by 50 bps across all maturities.
HDFC, the premier housing finance company, today announced a reduction in its retail prime lending rates (RPLR) by 50 basis points, effective December 22, 2008. Speaking on this announcement, Mrs. Renu Sud Karnad, Joint Managing Director, HDFC Ltd. said, “We have been able to bring down our costs due to improved operational efficiency and good quality portfolio. As in the past, HDFC has ensured that reduction in the cost of its resources translates into a benefit in terms of lower costs for both existing and new customers. HDFC continues to efficiently manage its liabilities and reprice its debts.

The advantage of a cut in RPLR will accrue to all the existing floating rate customers over the period of next three months based on their respective reset dates.Justify Full
Similarly the rates of interest on loans to NRI’s have also been reduced. The recent cuts in policy rates by RBI has created adequate liquidity in the banking system which had a positive impact on the cost of funds. The Corporation has always maintained a pre-determined spread, and believes in passing on the benefits to the end users. Further the sharp fall in inflation is an indication that the Interest rates are likely to have a downward bias.
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