HDFC hiked retail prime lending Rate (RPLR) on housing loans by 50 basis points. Know how much you have to pay for home laons now and how much you EMIs will increase
Housing Development Finance Corporation or HDFC raised lending rates by 50 basis points a day after Reserve Bank of India (RBI) had hiked repo rate. To tame rising inflation, RBI had increased repo rate by 50 basis points to 4.9 per cent in its June monetary policy. Earlier in May, the central bank hiked repo rate by 40 basis points in an off-cycle move.
The new lending rate will come into effect from June 10, the mortgage lender said in a regulatory filing. “HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 50 basis points, with effect from June 10, 2022,” it mentioned.
Read More: Bank FD: PNB vs ICICI Bank vs SBI; Check Detailed Comparison of Latest Interest Rates
HDFC Home Loan Interest Rates, Effective from June 10, 2022
Retail Prime Lending Rate is the rate at which housing finance companies give loans to their customers who are most creditworthy. Customers will get housing loans at a cheaper interest rates, if they maintain a good credit score.
For a home loan of up to Rs 30 lakh, women borrowers have to pay an interest rate ranging between 7.65 per cent to 8.15 per cent. For others, the interest rate will be between 7.7 per cent to 8.2 per cent.
For a home loan of more than 30 lakh to up to Rs 75 lakh, the interest rate will be between 7.9 per cent to 8.4 per cent for female borrowers. For others, the interest rate will vary from 7.95 per cent to 8.45 per cent for the same amount.
For housing loans of more than Rs 75 lakh, the interest rate will be between 8 per cent to 8.5 per cent for women borrowers. For others, the interest rate for Rs 75 lakh and above, will be between 8.05 per cent to 8.55 per cent.
The lender had raised its retail prime lending rate (RPLR) on housing loans by 5 basis points on June 1.
Explaining the rate hike, Pranjal Kamra- chief executive officer, Finology Ventures said, “A rate hike means the cost of funds for banks and financial institutions has increased. In turn, banks would pass on this cost to the borrowers by increasing their lending rate. Therefore, the EMI amount of the borrowers of all retail floating rate loans like home loans, car loans, and gold loans would increase.”
ICICI Bank, PNB Hiked Lending Rates
Earlier ICICI Bank also raised the lending rates by 50 basis points. “ICICI Bank External Benchmark Lending Rate (I-EBLR) is referenced to RBI Policy Repo Rate with a mark-up over Repo Rate,” the lender said on its website. ICICI said effective June 8, I-EBLR is 8.60 per cent p.a.p.m. effective June 8, 2022.
Punjab National Bank (PNB) also hiked its repo linked lending rate (RLLR) with effect from June 9, 2022. For existing and new borrowers, the lending rate has been changed from 6.9 percent to 7.4 percent. “The RLLR has been changed from 6.90 per cent to 7.40 per cent {Repo Rate (4.90 per cent) + Mark-up (2.50 per cent)} w.e.f. 09-06-2022 for existing and new customers. Along with RLLR BSP of 25 bps will be charged.” the bank said.
