Mumbai: Mortgage lender Housing Development Finance Corp (HDFC) Ltd has raised its benchmark lending rate by 25 basis points.
As of August 1, lenders’ adjustable-rate home loans will be benchmarked on a new retail prime lending rate (RPLR), the company said in an exchange filing.
As a result of HDFC’s latest RPLR hike, borrowers will pay higher EMIs on home loans. With effect from August 1, 2022, HDFC will increase its Retail Prime Lending Rate (RPLR) on housing loans, which is the benchmark for its Adjustable Rate Home Loans (ARHL). As opposed to the current range of 7.55 percent to 8.05 percent, the revised rates for new borrowers will range from 7.80 percent to 8.30 percent. A rate hike by the mortgage lender came before the Reserve Bank of India’s (RBI) monetary policy meeting on August 3 and 5. During next week’s review meeting, the RBI’s rate setting panel is expected to raise the key repo rate by 0.35-0.50%.