Mumbai: Mortgage financier Housing Development Finance Corp (HDFC) Ltd has hiked its benchmark lending rate by 25 basis points. The new retail prime lending rate (RPLR), on which lender’s adjustable-rate home loans are benchmarked, will come into effect from August 1, the company said in an exchange filing. The latest HDFC RPLR hike will result in an increase of home loan EMIs for borrowers.Also Read – RBI Likely To Raise Key Policy Rate By 25-50 Bps To Control Inflation: Report
“HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points, with effect from August 1, 2022,” the exchange filing said. Also Read – RBI May Hike Interest Rates By 35 Basis Points. What We Know
The revised rates for new borrowers will range between 7.80 per cent and 8.30 per cent, against the existing range of 7.55 per cent to 8.05 per cent. For existing customers, the rates will rise by 25 bps. Also Read – Online Safety: What is Vishing and Why RBI Warns You To Stay Alert
The hike in rate by the mortgage lender came before the Reserve Bank of India’s (RBI) monetary policy meeting, which is to be held between August 3 and August 5. The RBI’s rate setting panel is expected to hike the key repo rate by 0.35-0.50% at the next week’s review meeting.
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