Loans To Become Costlier As HDFC Raises Lending Rates
NDTV
HDFC Ltd on Saturday announced an increase in its benchmark lending rate by 30 basis points, a move that will make loans dearer
Mortgage lender HDFC Ltd on Saturday announced an increase in its benchmark lending rate by 30 basis points (bps), a move that will make loans dearer for both existing and new borrowers.
The move comes just days after several lenders, including ICICI Bank, Bank of Baroda and Bank of India, raised interest rates following the Reserve Bank of India's surprise repo rate hike on Wednesday.
"HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 30 basis points, with effect from May 9, 2022," the housing finance company said in a statement.
The revised rates for new borrowers range between 7 per cent and 7.45 per cent, depending on credit and loan amount. The existing range is 6.70 per cent to 7.15 per cent.
