HDFC cuts loan rates by 20bps to 9.9%

In a statement, the company said the reduction in the RPLR will also be applicable on loans to Non-Resident Indians (NRIs).

Housing finance company  HDFC today cut Retail Prime Lending Rate (RPLR) by 20 basis points (bps) to 9.9 percent. The pared loan rates will come into effect from April 13, 2015.

In a statement, the company said the reduction in the RPLR will also be applicable on loans to Non-Resident Indians (NRIs).

The move comes a few days after Reserve Bank Governor Raghuram Rajan maintained status quo on policy rates due to failure of lower rates transmission on the banks' front.

Banks had no option but to cut their lending rates. In a media conference, Rajan said that banks are sitting on money and that the marginal cost of funding has fallen. "The notion that it has not fallen is nonsense."

Banks cut their base rates in the range of 15-25 basis points soon after.

HDFC is the first finance company to have cut its lending rates.

HDFC stock price

On April 10, 2015, Housing Development Finance Corporation closed at Rs 1290.30, down Rs 14.55, or 1.12 percent. The 52-week high of the share was Rs 1399.80 and the 52-week low was Rs 840.60.

The company's trailing 12-month (TTM) EPS was at Rs 37.16 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 34.72. The latest book value of the company is Rs 177.55 per share. At current value, the price-to-book value of the company is 7.27.

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