The country's second largest private mortgage lender, Housing Development Finance Corporation (HDFC) Bank has revised its benchmark lending rate downwards by 25 basis points to 15.75 percent per annum.

The new rates came into effect July 20 onwards.
The bank had earlier reduced its fixed deposits rates by 25 basis points with effect from May 18.

The bank last lowered its PLR by 50 basis points to 16 percent, in December 2008. With this the cumulative rate cut by the bank over last six months becomes 75 basis points.

To encourage mortgage borrowers, the bank had reduced lending rates to offer home loans up to Rs 30 lakh at an interest rate of 9.75 percent, while loans above Rs 30 lakh were set to be extended at 10.75 to the new borrowers.