Taking a cue from State Bank of India, IDBI Homefinance Ltd has cut home loans rates by 0.25 per cent across all maturities.

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The revised variable rate for loans upto five years would be 7.5 per cent, above five years and upto 10 years at eight per cent and above 10 years and upto 15 years at 8.25 per cent and above 15 years upto 20 years at 8.5 per cent, IHFL said in a release in Mumbai on Wednesday.

The new rates have been effective from January 9, the subsidiary of Industrial Development Bank of India added.

IHFL managing director Melwyn Rego said the company would position itself as a new generation housing finance company by combining quality, safety of documents and competitive interest rates.