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 added 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 percent while plot loans will come at 9.90 percent.

With this cut, HDFC's offering comes at par with others like SBI and ICICI Bank, which offer loans to women at 9.85 percent.

In case of SBI, the offering is at par with its base rate or minimum rate of lending.

After its  first bi-monthly policy cut for the fiscal, RBI Governor Raghuram Rajan had termed banks' contention of the cost of funds being high as "nonsense", expecting them to pass on the benefits of RBI's twin rate cuts to borrowers.

Within hours, banks led by SBI started announcing the base rate cuts. With the slowdown in the economy and slow demand from the corporate segment, retail has acquired greater prominence in banks' strategies.

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