Mortgage finance company Housing Development Finance Corp (HDFC) has reduced its home loan rate by 5 basis points to 6.75% effective from Thursday. HDFC’s cut comes two days after State Bank of India (SBI), its main competitor, cut its minimum rate to 6.70%. One basis point is 0.01 percentage point. This is HDFC’s sixth rate cut since the start of the fiscal when loans above Rs 75 lakhs were charged 8.30% interest while below Rs 30 lakhs were at 8%. The current rate at 6.75% is effective across all sizes of loans.