The effective home loan rates for new customers would be 9.65 per cent pa and for women will be 5 basis points lower at 9.60% pa, HDFC said in a statement.
Effective from October 06, this reduction would benefit all customers, it added.
At present, SBI stands at the lowest base rate of 9.30 per cent. However, effective home loan rates stand at 9.50 per cent. ICICI bank and HDFC bank’s base rate are at 9.35 per cent each, while Axis Bank’s base rate stands at 9.50 per cent.
Recently, HDFC also reduced its deposit rates in similar range across all maturities.
The reduction in the rates will also be applicable on loans to Non-Resident Indians (NRIs)/ PIO's card holders.
Top banks responded to the RBI’s key policy rate cut by passing on the benefit to customers in the range of 20-40 bps.
Source : Thehindubusinessline