HDFC cuts lending rates by 0.15 percentage points making home loans cheaper
New Delhi: HDFC has cut lending rates by 0.15 percentage points, benefiting all existing retail home loan customers, the company said in a statement.
The new rates will now be between 8.05-8.85 percent. "HDFC reduces its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 0.15 percentage points with effect from April 22, 2020," the company said.
Meanwhile, HDFC Bank’s consolidated net profit increased by 15.4 percent at Rs 7,280.22 crore for the fourth quarter of fiscal 2019-20. Its net profit was Rs 6,300.81 crore in the same period of 2018-19. The consolidated total income during the fourth quarter of 2019-20 fiscal jumped to Rs 38,287.17 crore, from Rs 33,260.48 crore a year ago.
The bank said it would not make any further dividend payouts from profit pertaining to 2019-20, in line with RBI directives announced on Friday.