Top 3 India banks cut rates |
India`s top three banks brought down their lending rates following an outburst by RBI Governor Raghuram Rajan describing as nonsense their claim that the cost of funds for banks had not fallen. The three largest home loan providers—HDFC, SBI and ICICI Bank—have identical rates of 10.10% on most home loans. Following the reduction SBI`s home loan rate will fall to 9.95% and that of ICICI Bank to 9.85%. With competition cutting rates, mortgage finance company HDFC is also likely to bring down its rates.
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