HDFC,
ICICI Home cut loan rates
Our Banking Bureau
18 October 2001
 Mumbai:
HDFC has cut its prime-lending rate (PLR)
by 0.25 per cent on fixed interest loans and by 0.50 per cent on
floating interest loans. Close on the heels of HDFC's rate-cut
announcement, ICICI Home Finance (IHF) also cut its fixed interest
loan rates by 0.25 per cent. IHF does not offer loans at floating
interest rates.
HDFC’s prime-lending
rate for fixed as well as floating interest rate loans now stand
at 12 per cent. The new rates will also be applicable for loans
that have been approved but not yet disbursed. HDFC is also
offering a special discount on processing fees for one month, to
mark its 25 years of operations. Borrowers will now have to pay a
processing fee of 1 per cent instead of 1.8 per cent for loans
availed before 16 November
IHF has also extended its
special discount on processing fees up to 12 November. IHF had
earlier offered a  special
discount of 1 per cent (from 1.8 per cent) from 20 September to 20
October. The special discounts offered by the two housing finance
companies follow the waiver of processing fees by the State Bank
of India up to 13 November.
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