HDFC Raises Lending Rates by 5 bps for Existing Customers

Housing Development Finance Corporation

Housing Development Finance Corporation (HDFC) on Sunday raised its benchmark lending rate by 5 basis point, pushing EMIs for the existing customers.

The bank said, “HDFC has increased the Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points. It will be in effect from May 1, 2022.”

However, for new borrowers there is no change in the lending rate, as it continues to range between 6.70 per cent and 7.15 per cent, depending on credit and loan amount.

Other lenders, including the State Bank of India and Bank of Baroda, had also raised benchmark lending rates last month.

According to reports, interest rates are expected to harden in the coming months due to global inflationary fears. Hence, earlier this month the Reserve Bank raised the inflation target.

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