HDFC cuts interest rates on housing loans
By Our Banking Bureau | 20 May 2002
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Mumbai: HDFC has cut interest rates on its housing loans both fixed and adjustable. On fixed rate loans, the cut ranges 25-to-75 basis points. On adjustable rate loans, the cut is 50 basis points. For loans in excess of Rs 2 lakh, the new rates will be 10 per cent per year for up to five years; 11 per cent for six-to-10 years; 11.25 per cent for11-to-15 years.
For adjustable rate loans with one-to-20 year tenure, the rate on offer is 11 per cent. These new rates are applicable from 15 May 2002. There is a processing and administration fee of 1 per cent.
HDFC has also cut the interest rates on term deposits and trust deposits by 25 basis points (0.25 per cent per year). For senior citizens, an increment of 0.50 per cent is available over the normal rates.
