HDFC - one of the country's largest home loan provider - on Friday evening cut rates by 0.20 per cent to 9.9 per cent, Press Trust of India reported .
The revised rate would be applicable for both new and existing customers. EMIs or equated monthly instalments are set to come down as a result of this reduction.
The HDFC rate cut comes in the wake of several big banks like SBI, ICICI Bank, Axis, and HDFC Bank cutting their base rates or the minimum lending rate.
On Tuesday, RBI Governor Raghuram Rajan urged banks to pass on the benefits of its two repo rate cuts earlier this year.
The central bank kept rates on unchanged on Tuesday.
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