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Thursday January 31, 08:34 PM
HDFC Drops its Retail Prime Lending Rate (RPLR) on Home Loans |
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Mumbai, Maharashtra, India, Thursday, January 31, 2008 -- (Business Wire India) -- HDFC, the premier housing finance company, today announced a reduction in its retail prime lending rates (RPLR) by 25 basis points, with effect from February 1, 2008.
Speaking on this announcement, Mrs. Renu Sud Karnad, Joint Managing Director, HDFC Ltd. said, “We have been able to bring down our costs due to improved operational efficiency and good quality portfolio, and as always, have ensured that it translates into a benefit for the customers. While we were able to offer our new customers a special rate of interest since June 07 because of good liquidity conditions, our existing customers were not able to enjoy the benefit.”
The advantage of a cut in RPLR will accrue to all the existing floating rate customers over the period of next three months based on their respective reset dates, while for the new Home Loan customers, HDFC’s rate of interest under the Adjustable Rate Home Loan (ARHL) continues to be at 10.25% p.a.
A buoyant economy, stable industrial growth and adequate liquidity in the banking system over the past six to nine months, have had a positive impact on the cost of funds, against which HDFC benchmarks its lending rates. The Company has always maintained a pre-determined spread, and believes in passing on the benefits to the end users.
HDFC has continued to show robust growth in its Loan approvals and Loan disbursements. Loan approvals during the nine-month period ending December 31, 2007 amounted to Rs. 29,376 crore as against Rs. 22,666 crore in the corresponding period last year, representing a growth of 30%. Loan disbursements during the nine-month period ending December 31, 2007 amounted to Rs. 22,285 crore as against Rs. 17,465 crore during the same period in the previous year, representing an increase of 28%.
Media contact details
Mahesh Shah, Dy. GM – Communications,
Housing Development Finance Corporation Limited,
+91(022) 66316410 / +91 9820414098,
maheshs@hdfc.com
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