Mumbai: Leading home loan provider in India, HDFC has hiked the lending rate on home loans. HDFC increased the rate by 30 basis points. The new rate will be in force from May 9.
The revised rates for new borrowers range between 7% to 7.45%, depending on credit and loan amount. The existing range is 6.70% to 7.15%. For existing customers, the rates would rise by 30 basis points or (0.3%). Earlier this month, HDFC had increased its benchmark lending rate by 5 basis points.
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Earlier several other banks in the country including ICICI Bank, Bank of Baroda and Bank of India, raised interest rates. The banks in the country hiked the interest rates as the Reserve Bank of India’s hiked repo rate. The RBI increased the repo rate by 40 basis points to 4.40%. This was the first-ever change in the repo rate in two years and its first rate hike in nearly four years. Repo rate is the short-term lending rate that RBI charges to banks.
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