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Following the sharp cuts effected by the State Bank of India in the space of a month, a host of others including HDFC, LIC Housing Finance and Corporation Bank have followed suit. HDFC has cut its fixed rate to 9.75 per cent for five-year tenures, 10.25 per cent on loans with tenures of six-ten years and 10.75 per cent on loans with tenures between 11 to 20 years.

The retail prime lending rate, which is the benchmark for all loans, has been cut 50 basis points (0.50 per cent) to 10.5 per cent. HDFC is also offering a monthly rest option from September 4 2002. The interest rates for the three tenures indicated would be 10 per cent, 10.5 per cent and 11 per cent.

BL Research Bureau

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