 "Repo rate hike impact: HDFC raises home loan rate by 50 bps effective today")
Lending major Housing Development Finance Corporation (HDFC) has increased its Retail Prime Lending Rate (RPLR) on housing loans -- on which its Adjustable Rate Home Loans (ARHL) are benchmarked -- by 50 basis points.
The new rate will come into effect from June 10, it said on Thursday.
Effectively, now home loan rates of the lender would start from 7.55 per cent.
The rate revision by the lender comes a day after the Reserve Bank of India raised the key lending rates or repo rate by 50 basis points to tame high inflation, which essentially meant the cost of borrowings were going to rise. Repo rate is the rate at which the central bank RBI lends short-term funds to banks.
Going ahead, many other banks and non-banking financial companies are expected to follow suit on the interest rate hike.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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