Homefinance News

    HDFC raises benchmark lending rate, RPLR by 25 bps with effect from August 9

    HDFC raises benchmark lending rate, RPLR by 25 bps with effect from August 9

    HDFC raises benchmark lending rate, RPLR by 25 bps with effect from August 9
    Read Time
    2 Min(s) Read
    Profile image

    By CNBC-TV18  IST (Updated)

    Mini

    "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 9, 2022," the exchange filing said.

    The country's largest mortgage lender Housing Development Finance Corp (HDFC) on Monday hiked its benchmark lending rate by 25 basis points, with effect from August 9, 2022, the company said in an exchange filing.
    "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 9, 2022," the exchange filing said.
    For existing customers, the rates would rise by 25 basis points or (0.25 percent). HDFC follows a three-month cycle for repricing its loans to existing customers. So the loans will be revised in sync with an increased lending rate based on the date of the first disbursement of each customer.
    Last week, HDFC increased its benchmark lending rate by 25 basis points, "HDFC increases its Retail Prime Lending Rate on housing loans, on which its Adjustable Rate Home Loans are benchmarked, by 25 basis points (bps), with effect from August 1."
    Financial institutions are on an interest rate hike spree in line with RBI's monetary tightening since May.
    This is the sixth hike effected by HDFC in two months. In all, the rate has been increased by 140 basis points since May this year.
    The hike comes after the Reserve Bank (RBI) raised the key interest rate by 50 basis points to 5.40 percent — the third straight increase since May. With the latest hike, the repo rate or the short-term lending rate at which banks borrow has crossed the pre-pandemic level of 5.15 percent.
    RBI governor Shaktikanta Das also signalled that the hike was not the end of the rate tightening regime and more may come to tame inflation that has stayed above its upper tolerance limit of 6 percent for six months.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

    Tags

    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng