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HDFC cuts home loan rates for women

Mortgage major HDFC today offered home loans to women borrowers at 9.85 per cent, to make its loan pricing at par with that of rivals State Bank of India and ICICI Bank.The product, christened ‘Women Power’, offers the differentiated rate of interest for women borrowers, as against 9.90 percent charged for other borrowers, HDFC said. HDFC Managing Director Renu Sud Karnad said that it is aimed at promoting house ownership among women and give them the confidence of owning a house. The loan will be subject to conditions like the woman being sole or joint owner of the property, she said, adding that loans for new homes, furnishing and for extending the existing debt will be available at 9.85 per cent while plot loans will come at 9.90 per cent. With this cut, HDFC’s offering comes at par with others like SBI and ICICI Bank, which offer loans to women at 9.85 per cent. In case of SBI, the offering is at par with its base rate or minimum rate of lending.