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HDFC cuts home loan rates, effective from today

High-rise residential apartment buildings stand beyond blocks of residential flats on the skyline in the Esenyurt district of Istanbul, Turkey, on Monday, Oct. 12, 2020. Gecekondu, which literally means �landed overnight,� reflects how hastily the homes were constructed, without permits or adherence to building codes, on vacant, often state-owned land to which the occupant had no legal right. Photographer: Kerem Uzel/Bloomberg (Bloomberg)Premium
High-rise residential apartment buildings stand beyond blocks of residential flats on the skyline in the Esenyurt district of Istanbul, Turkey, on Monday, Oct. 12, 2020. Gecekondu, which literally means �landed overnight,� reflects how hastily the homes were constructed, without permits or adherence to building codes, on vacant, often state-owned land to which the occupant had no legal right. Photographer: Kerem Uzel/Bloomberg (Bloomberg)

  • The National Housing Bank (NHB) earlier this month said there are distinct signs of green shoots in the housing finance sector.

Mortgage lender HDFC has announced a reduction in its retail prime lending rate (RPLR) on housing loans, on which its adjustable rate home loans (ARHL) are benchmarked, by 10 basis points. This comes into effect from today. The change will benefit all existing HDFC retail home loan customers, the lender said.

The National Housing Bank (NHB) earlier this month said there are distinct signs of green shoots in the housing finance sector.

New approvals of housing and non-housing loans by HFCs during September 2020 were at 130% of the previous period, NHB, the regulator for housing finance companies (HFCs), said in a statement.

Home loan disbursements by HFCs during September 2020 were also better at 105 per cent compared to September 2019, it said.

Many lenders have recently cut home loan rates as part of its festive season campaign.

HDFC shares were up 5% in noon trade on BSE at 2257 apiece. Earlier this month, Housing Development Finance Corp. Ltd (HDFC) said its September-quarter standalone profit dropped by 27% to 2,870.12 crore because of one-time gains in the year-ago period. The mortgage lender reported a profit of 3,962 crore in the year earlier.

HDFC had said that home loan disbursements were better than expected in October. Loan approvals rose by 58% from last year while loan disbursements gained 35%. (With Agency Inputs)

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