Housing Development Finance Corporation or HDFC raised lending rates by 50 basis points a day after Reserve Bank of India (RBI) had hiked repo rate. To tame rising inflation, RBI had increased repo rate by 50 basis points to 4.9 per cent in its June monetary policy. Earlier in May, the central bank hiked repo rate by 40 basis points in an off-cycle move.
The new lending rate will come into effect from June 10, the mortgage lender said in a regulatory filing. “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,” it mentioned.
Earlier ICICI Bank also raised the lending rates by 50 basis points. “ICICI Bank External Benchmark Lending Rate (I-EBLR) is referenced to RBI Policy Repo Rate with a mark-up over Repo Rate,” the lender said on its website. ICICI said effective June 8, I-EBLR is 8.60 per cent p.a.p.m. effective June 8, 2022.
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