HDFC, ICICI Home cut loan rates
By Our Banking Bureau | 18 Oct 2001
Mumbai: HDFC has cut its prime-lending rate (PLR) by 0.25 per cent on fixed interest loans and by 0.50 per cent on floating interest loans. Close on the heels of HDFC''s rate-cut announcement, ICICI Home Finance (IHF) also cut its fixed interest loan rates by 0.25 per cent. IHF does not offer loans at floating interest rates.
HDFCs prime-lending rate for fixed as well as floating interest rate loans now stand at 12 per cent. The new rates will also be applicable for loans that have been approved but not yet disbursed. HDFC is also offering a special discount on processing fees for one month, to mark its 25 years of operations. Borrowers will now have to pay a processing fee of 1 per cent instead of 1.8 per cent for loans availed before 16 November
IHF has also extended its special discount on processing fees up to 12 November. IHF had earlier offered a special discount of 1 per cent (from 1.8 per cent) from 20 September to 20 October. The special discounts offered by the two housing finance companies follow the waiver of processing fees by the State Bank of India up to 13 November.
