HDFC Hikes Lending Rate: After SBI and Bank of Baroda, now HDFC has also increased the interest rate of home loan. This increase will not be applicable to new customers but will have an effect on old customers.
HDFC Hikes Lending Rate: If you are also paying EMI of home loan then this news is for you. Yes, after State Bank of India (SBI), now HDFC has also shocked its crores of customers. HDFC has increased its loan interest rate by 0.05 percent.
These banks have also increased the interest rate
HDFC Ltd., a home loan lender, has increased its benchmark lending rate by 5 paise. After this change, the EMI of existing customers who have already taken home loan will increase. Let us tell you that earlier in April, SBI and Bank of Baroda (BoB) also increased their loan rates.
No increase for new customers
In a statement given by the company, it was said that ‘HDFC has increased the RPLR on Home Loan by 0.05 percent with effect from May 1, 2022.’ However, there will be no increase in rates for new customers. The interest rate for them will be from 6.70 to 7.15 percent depending on the loan amount and tenure.
How much will the EMI increase?
Rahul has taken a home loan of Rs 30 lakh from HDFC Ltd for 20 years. Their interest rate on this loan is 7 percent per annum. For its repayment, he gives an EMI of Rs 23,259 every month. Now when the interest rate of Rahul has increased to 7.05 percent, then he will have to pay an EMI of Rs 23,349 every month. In this way, Rahul will have to pay 90 rupees more every month. He will have to pay Rs 1080 in a year.
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