HDFC on Thursday increased the retail prime lending rate (RPLR), on which adjustable rate home loans (ARHL) is benchmarked, by 0.50 per cent on its housing loans.
New Delhi. India’s largest housing finance company HDFC (HDFC) has shocked its customers. In fact, HDFC on Thursday increased the retail prime lending rate (RPLR), on which adjustable rate home loans (ARHL) is benchmarked, by 50 basis points, or 0.50 per cent, on its housing loans. The new rates will be effective from June 10, 2022.
EMI will increase
HDFC has taken this step after the 50 basis points increase in the repo rate by the Reserve Bank of India (RBI) on Wednesday. This move will increase the EMI of the customers.
HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 50 basis points, with effect from June 10, 2022.
— ANI (@ANI) June 9, 2022
Before MPC, even on June 7, the bank had increased interest rates on loans.
HDFC Bank, the largest private sector lender, has increased lending rates by 0.35 percent on Tuesday (June 7, 2022). HDFC Bank took this step before the outcome of the Reserve Bank of India’s monetary review meeting. This was the second increase in interest rates by the bank in two months. HDFC Bank had increased the interest rates on loans by 0.60 percent in two times.
RBI increased repo rate twice within 36 days
Significantly, on June 8, 2022, RBI Governor Shaktikanta Das announced an increase of 50 basis points or 0.50 per cent in the repo rate, increasing it from 4.40 per cent to 4.90 per cent. Earlier, on May 4, 2022, the central bank had increased the repo rate by 40 basis points from 4.00 percent to 4.40 percent.
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