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HDFC cuts rates

Mumbai, Sept. 3: Bowing to competitive pressure from banks, the Housing Finance Corporation of India Ltd (HDFC) today announced that it was bringing down its retail prime lending rate by 50 basis points to 10.50 per cent.

The reduction will be effective from September 4. The housing finance major also brought down lending rates on its fixed rate loans. Both State Bank of India (SBI) and ICICI Bank had brought down the interest rate on housing loans in August. At present, most of the nationalised banks offer housing loans at 10.50 per cent.

HDFC added that the revised rates on fixed loans will now be 9.75 per cent for a five-year tenure, 10.25 per cent for loans between six to 10 years and 10.75 per cent for a 11 to 20 year loan.

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