The change will benefit all existing HDFC retail home loan customers.
The announcement was made after market hours yesterday, 3 March 2021. Shares of HDFC rose 3.43% to settle at Rs 2,652.80 yesterday.
The stock hit a 52-week high of Rs 2,895.35 on 16 February 2021. The stock hit a 52-week low of Rs 1473.10 on 24 March 2020.
HDFC is engaged in financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes, in India.
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Updated Mar 04, 2021 | 18:11 IST | Alexander Mathew
India s largest mortgage NBFC has cut its benchmark lending rate, intensifying the battle for the largest slice of the country s home loan market. Representational Image | Photo Credit: IANS
Key Highlights
SBI, Kotak Mahindra Bank had earlier slashed home loan interest rates, triggering a rate war
It s a good time to be a home buyer in India. With interest rates on home loans at an all-time low, lenders seem to be heading into a rate battle to capitalise on the sudden reemergence of interest in housing.
The housing market in most of India s top cities had been sluggish over the past five years, with inventories piling up. But now, with the lockdown to curb the pandemic having forced several households to consider moving to bigger homes, and with banks vying for new business, anecdotal evidence points to a resurgence in demand.
HDFC ERGO
HDFC ERGO launches Business Kisht Suraksha to protect MFIs and financial institutions against calamities and natural disasters ANI | Updated: Mar 04, 2021 14:13 IST
Mumbai (Maharashtra) [India], March 4 (ANI/NewsVoir): HDFC ERGO General Insurance, India s leading non-life insurance company in the private sector, announced the launch of Business Kisht Suraksha, a unique cover aimed at protecting the balance sheet of MFIs, financial institutions and banks in the event of a catastrophe or natural disaster.
With growing concerns of climate change and its effect on the environment, Business Kisht Suraksha aims to limit the impacts on the balance sheet of financial institutions, due to non-payment of EMIs by borrowers, resulting out of listed calamities such as floods, earthquakes, cyclones, etc.