India's HDFC reduces lending rates by 10 bps

Last Updated: Tue, Feb 05, 2013 14:30 hrs

MUMBAI, Feb 5 (Reuters) - Housing Development Finance Corporation (HDFC), India's biggest housing finance company, will reduce its prime lending rate by 10 basis points starting Feb. 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 India's central bank 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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