HDFC and 2 other banks cut lending rates

Setting the ball rolling for lower interest rates on housing loans, private sector lenders HDFC and Bank of Rajasthan on Friday cut lending rates giving relief to both existing and new borrowers while the state-owned Canara Bank cut the rate for SME credit. Country's largest housing finance company HDFC cut the lending rate by 50 basis points for loans of more than Rs 20 lakh for both existing and new customers and introduced a new slab for sub-Rs 20 lakh.