Hdfc Raises Home Loan Interest Rates – Here’s What Other Lenders Are Offering

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By CNBCTV18.com IST (Released)

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On September 30, the RBI raised policy rates by half a point to combat price pressures. The move is expected to make borrowing expensive, leading to longer loan terms and higher monthly equivalent payments (EMIs).

On September 30, housing finance provider HDFC Ltd raised its lending rate by 50 basis points following the Reserve Bank of India’s (RBI) decision to raise the repo rate by 50 basis points. base rate (bps) at 5.9%. This is the seventh rate hike implemented by HDFC in the past five months.

The new lending rate takes effect Oct. 1, 2022, HDFC said in a statement.

The home loan interest rate applies to loans for the purchase of a new home, home renovations, home additions and balance transfers. These rates are flexible over the term of the loan and are determined by HDFC’s Reference Rate (“RPLR”).

Following the announcement of the rate hike, existing and new borrowers will now have to pay EMI 0.50% more than before.

On September 30, the RBI raised policy rates by half a point to combat price pressures. The move is expected to make borrowing expensive, leading to longer loan terms and higher monthly equivalent payments (EMIs). At the same time, rising rates are expected to increase interest rates on deposits such as fixed deposits (FD).

Earlier, following the RBI’s 50 basis point hike in the repo rate at its August monetary policy meeting, several lending institutions raised their interest rates on loans, including State Bank of India, ICICI Bank, Bank of Baroda, Canara Bank and Punjab National. Bank.

The State Bank of India (SBI) raised its external benchmark on August 15 to 8.05% + CRP + BSP, from 7.55% + CRP + BSP. The external benchmark lending rate is the repo rate and a spread plus a credit risk premium that is based on the individual’s credit rating. SBI’s repo-linked lending rate was raised to 7.65%+CRP from 7.15%+CRP.

ICICI Bank’s external benchmark lending rate was raised to 9.10% effective August 5.

Bank of Baroda raised its August 6 repo-linked lending rate to 7.95%.

Canara Bank raised its lending rate linked to the repo rate by 50 basis points from 7.80% to 8.30% from August 7.

PNB raised the repo, external benchmark, linked lending rate to 7.90% from 7.40% from August 8.

Indiabulls housing finance

Indiabulls Housing Finance raised its benchmark rates for all loans by 10 basis points from September 15. The new rates were applicable to new customers and existing borrowers. Following the change, the interest rate for borrowers and co-borrowers with loan amount up to Rs 35 lakh has started at 8.70%. Earlier in August, the Gurugram-based non-bank finance company raised interest rates by 25 basis points on maturities for housing loans and MSME loans.

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