HDFC Ltd hikes retail prime lending rate by 30 bps


Mortgage financier HDFC Ltd has revised its prime lending rate for all customers. It has increased its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 30 basis points. This is in effect from May 9, 2022, HDFC said on Saturday.

The move comes soon after the Reserve Bank of India hiked the repo rate by 40 basis points. Since then the number of lenders have been increasing deposit as well as lending rates and EMIs are set to become costlier.

For borrowers with a credit score of more than 750, the new rate will be 7 per cent. Loans for other categories and customers will have rates in the range of 7.05 per cent to 7.45 per cent.

ARHL is a loan with a variable or floating interest rate. HDFC follows a three-month cycle for repricing its loans to existing customers. So the loans will be repriced based on the date of the first disbursement of each customer.

Prior to this, on May 1, HDFC had hiked its RPLR, on which its ARHL is benchmarked, by five basis points for existing customers.

Published on

May 07, 2022

Source link

Leave a Response