Business News | HDFC Increases Interest Rates by 5 Basis Points
Get latest articles and stories on Business at LatestLY. HDFC consumers will pay a higher interest rate on loans as HDFC increased its Retail Prime Lending Rate (RPLR) on housing loans on which its Adjustable Rate Home Loans (ARHL) are benchmarked by 5 basis points with effect from today.
New Delhi [India], May 1 (ANI): HDFC consumers will pay a higher interest rate on loans as HDFC increased its Retail Prime Lending Rate (RPLR) on housing loans on which its Adjustable Rate Home Loans (ARHL) are benchmarked by 5 basis points with effect from today.
The interest rate change will be effective only for existing customers. There will be no change in the interest rate for new customers, said HDFC in a release.
Earlier in the last month, the State Bank of India (SBI) raised the marginal cost of funds based lending rates (MCLR) by 10 basis points (bps) across tenures.
This was the first instance of a lending rate hike by SBI in more than three years. The interest rate cycle seems to have turned with other large lenders, including Bank of Baroda and Axis Bank, also hiking MCLR by 5 bps each across tenures.
Moreover, the RBI's hardening stance on inflation is giving lenders the confidence to raise loan rates in anticipation of repo rate hikes. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)