HDFC hikes lending rate by 5 bps, so the loan to become dearer

HDFC hikes lending rate by 5 bps,“HDFC again increases its Retail Prime Lending Rate (RPLR) on housing loans and it’s Adjustable Rate Home Loans (ARHL) are benchmarked on this, by 5 basis points, with effect from 1st June-2022” the housing finance company said in a statement.

This is the third time hike affected by HDFC in the last month.

The revised rates for new borrowers range between 7.05% and 7.50%, depending on credit score and loan amount. The existing range is 7% to 7.45% per representational image.

HDFC Housing

Mortgage lender HDFC Ltd announced an increase in its benchmark lending rate by 5 basis points (bps) on Wednesday, a move that will make loans dearer for both existing and new borrowers.

HDFC follows a 3-months cycle for repricing it’s loans to existing customers. Hence based on the date of the first disbursement of each customer, the loans will be revised in sync with an increased lending rate.

Financial institutions are on spree of an interest rate hike, following an increase in the repo rate and cash reserve ratio (percentage of total deposit of the banks kept with RBI) by 40 basis points and 50 basis points respectively announced by the RBI last month.

After a meeting of an out-of-turn Monetary Policy Committee (MPC), the Reserve Bank hiked the benchmark repo rate – the short-term lending rate on last month, it charges to banks by 0.40% to 4.40% in order to tame soaring inflation.

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