HDFC raises mortgage interest rates by 0.30pc
The country’s largest mortgage lender, Housing Development Finance Corporation (HDFC), announced a 0.30% increase in its home loans on Saturday, just three days after the Reserve Bank of India (RBI) raised the repo rate. Politics.
“Effective May 9, 2022, HDFC will increase its Retail Prime Rate (RPLR) on home loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 30 basis points,” the bank said. in a press release.
Even before the RBI announced a hike in policy rates on May 4, financial institutions started raising lending rates. On May 2, HDFC increased the retail prime rate by 0.05% regardless of the loan amount.
Other lenders including State Bank of India, Axis Bank, ICICI Bank and Bank of Baroda have also increased their lending rates. At an unscheduled meeting on May 4, the Reserve Bank of India’s monetary benchmark committee decided to raise the policy rate by 40 basis points to 4.40% with immediate effect.
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