EMI for home loans are about to fall as HDFC cuts its Home Loan Rate

HDFC cuts its Home Loan Rate

HDFC, which is one of the largest home loan provider and private sector bank in India, it cuts home loan rate by 0.20 per cent to 9.9 per cent, as per the reports of Press Trust of India. However the revised rate are applicable for new as well as old or existing both customers. It is expected hat in near future more banks will follow the same path and in result the EMI (equated monthly installments) will come down, where as this is the time of joy for the home loan customers of HDFC.

The home loan rate cut is the wakeup call for several other big banks such as; SBI, ICICI Bank, Axis, and other banks who are major player in home loan industry as they are cutting their minimum lending rate or base rates for the comfort of customers. However, Raghuram Rajan, Governor of RBI urged to all banks to pass the benefits of its repo rate cut to customers.

Whereas; the central bank keep its rate unchanged.