Buy, build or renovate your homes with HDFC home loans with attractive interest rates!
The Big News!
As of 11 January 2021, HDFC bank has brought in a scheme that offers special housing loan interests to its new customers. The big news is that HDFC bank home loan interest got reduced from 6.90% to 6.80% per annum. However, these reduced home loan rates are subject to the credit risk profile assessed by HDFC.
These home loan rates can be availed by those with a credit score of 730 & above. The customers should take advantage of part/full disbursements on or before 31 March 2021.
All special housing loan interest rates, offered by HDFC, becomes applicable to the HDFC home loans, home improvement, and home extension along with Home Loan Balance Transfer. These housing loan rates of interest get applicable for loans under the Adjustable Rate Home Loan (ARHL) Scheme that are subject to change at the time of disbursement. As mentioned, this special rate gets effective from 11 January 2021 for logins with the part/full-time disbursements availed on or before 31 March 2021.
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RPLR (Retail Prime Lending Rate)
The Retail Prime Lending Rate (RPLR) also gets referred to as a Benchmark Prime Lending Rate (BPLR), which gets determined by the bank based on an average cost of funds. A Home Finance Company (HFC) such as HDFC comes under the governance of the National Housing Bank (NHB). From July 01, 2010, all home loans offered by an HFC are linked to RPLR or BPLR & all banks follow the norms of MCLR devised by the Reserve Bank of India (RBI). Hence, HDFC relies on RPLR. The RPLR offered by HDFC on home loans is 16.01%.
Monsoon Bonanza Offer: Home Loan Rates w.e.f 11 January 2021
For customers who maintain a credit score of 730 and above, the ROI offered on home loans is 6.80% by the BM (Branch Manager). Those with a credit score of 700-729 get an ROI of 6.95% offered by BM. Customers with a credit score below 700, get offered an ROI of 7.00% by the RM (Relationship Manager). These rates are effective from 11 January 2021.
Wrapping Up
The Monsoon Bonanza Offer by HDFC is a real boon to many people when it comes to availing home loans. Just have a thorough understanding of all the terms & conditions before availing of this wonderful offer for home loans by HDFC that is in effect from 11 January 2021. So, what are you waiting for?