HDFC cuts retail prime lending rate

Housing Development Finance Corporation Limited (HDFC), the country’s largest housing finance company, has announced a 50 basis points reduction in its retail prime lending rate (RPLR) to 14%, on Wednesday.

The cut in the RPLR would be effective from Wednesday, according to media reports. HDFC cut the benchmark lending rate for the second time in three months. The cut in RPLR will be in favor of the existing floating rate customer.

The customers will have two options in order to get the advantage from the cut in the RPLR. Either they can reduce their EMIs or reducing the number of the installments.