HDFC Hikes Retail Prime Lending Rate On Home Loans By 50 Basis Points
The hike on retail prime lending rate will be effective from Oct. 1.
Housing Development Finance Corp. Ltd. raised its benchmark mortgage rate, tracking the 50 bps repo rate hike by the Reserve Bank of India.
HDFC raised the retail prime lending rate on housing loans by 50 basis points, according to its statement. The hike will be effective from Oct. 1.
HDFC's adjustable-rate loans are benchmarked on the retail prime lending rate.
Currently, HDFC offers adjustable-rate home loans, at interest rates ranging from 8.1% to 9%, to salaried individuals across different categories.
The moves comes hours after the RBI hiked key policy rates by 50 basis points. The anticipated hike takes the cumulative rate hike to 190 basis points since May. It is a measure to curb soaring inflation and is in line with global peers of the Indian central bank.
Lenders have passed on most of the rate hikes to customers by now.