HDFC Home Loans: The revised rates for new borrowers range from 7 per cent to 7.45 per cent depending on their credit and loan amount. Its current range is from 6.70 percent to 7.15 percent.
HDFC Home Loan: If you are going to buy a house and are going to take a home loan from HDFC, then now it will cost you dearly. In fact, home loan lender HDFC Limited on Saturday announced an increase of 0.30 percent in its standard lending rate (HDFC Prime Lending Rate), which will make loans costlier for both its existing and new customers.
Many banks have increased interest
According to the news, HDFC has taken this step after the 0.40 percent increase in the repo rate by the Reserve Bank of India on Wednesday. Prior to this, many other lending institutions including ICICI Bank, Bank of Baroda and Bank of India have also increased the rates. The housing finance company said in a statement that HDFC has increased its retail prime lending rate (RPLR) on home loans by 30 basis points. This increase will be effective from May 9.
The new rates are now so much
The revised rates for new borrowers range from 7 per cent to 7.45 per cent depending on their credit and loan amount. Its current range is from 6.70 percent to 7.15 percent. If we talk about the existing customers of HDFC, then there will be an increase of 0.30 percent in the interest rates (HDFC Prime Lending Rate) for them.
The lending rate had changed in early May as well.
HDFC had also raised its benchmark lending rate by 0.05 per cent in early May, making monthly installments (EMIs) of loans costlier for existing borrowers. HDFC follows a three-month cycle to fix the new value of loans extended to existing customers. Therefore, the loan (HDFC Home Loan) will be revised based on the increased lending rate based on the date of initial disbursement.
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