HDFC reduces lending rates by 10 bps

MUMBAI Tue Feb 5, 2013 9:03pm IST

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A shopkeeper counts currency notes inside his shop in Jammu July 14, 2010.

Credit: Reuters/Mukesh Gupta/Files

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MUMBAI (Reuters) - Housing Development Finance Corporation (HDFC) (HDFC.NS), India's biggest housing finance company, will reduce its prime lending rate by 10 basis points starting February 6, it said on Tuesday.

This will bring down HDFC's floating interest rates to 10.15 percent on loans of up to 3 million rupees and 10.40 percent on loans of more than 3 million rupees, it said in a statement.

HDFC's move follows a recent decision by the RBI to lower its key policy rate for the first time in nine months by 25 basis points to 7.75 percent to help support an economy set to post its slowest annual growth rate in a decade.

(Reporting by Aditi Shah; Editing by Mark Potter)

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