HDFC has become a leader among those banks which are taking well care of housing needs of the customers approaching them. This Housing Development Financial Corporation (HDFC) facilitates its clients in getting every kind of financial assistance which their customers want to have. It is setting new milestones every day in the market and leaving an immensely positive impact on its existing customers and others who would approach this bank.
According to recent news, HDFC Bank has sliced its lending rates by 0.1 per cent which is in effect from 30 March 2013. The base rate or the lowest rate of interest, of the Indias second largest private sector bank has become 9.6 per cent from the existing 9.7 per cent. At the same time, the standard prime lending rate (PLR) of the bank is expected to be reduced by a similar margin to 18.10 percent. The new rates have been effecting since March 30 2013. HDFC Bank has become the first bank to slice its interest rates after the RBI cut on lending rate by 0.25 percent on 19 March 2013. This HDFC housing loan arm has an experience of more than 30 years in the field of housing finance. One can easily judge that how old lender it is and how much efficient dealing will they provide. The overall benefit in the cost reduction “in HDFC home loans” has passed to the customers. It has resulted in the growth of confidence in the customers who want to build or buy new property or homes.
For housing loans, HDFC is the best option because its base rate of interest for home finance are even lower than the countrys largest public sector bank SBI. As told earlier, base rates of GDFC are reduced to 9.6 per cent in case of HDFC, and in case of SBI the lending rate is 9.7 per cent. This lender has been conferred with the award of Best Housing Loan Provider at outlook money awards 2012. This bank provides various loan repayment options like step up repayment facility, Tranche Based EMI, Flexible Loan installments Plan, accelerated repayment scheme and the last are telescopic repayment Option. Advisory and counseling services are also available for getting a new home or property. It has interest rates up to and including Rs. 30 lacs vary from 10.15 per cent to 10.65 per cent and for the loan amount above Rs. 30 lacs vary from 10.40 per cent to 10.90 per cent which are relatively lower as compared to other lenders in the market.