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HDFC raises interest rate by 5 bps; ICICI Bank raises MCLR by 30 bps

As of December 2021, a little over 39% of banking system loans are linked to the external benchmark, shows RBI data

loans, bank loans, agreement, personal loans
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BS Reporter Mumbai
Mortgage lender Housing Development Finance Corporation (HDFC) has raised interest rates on its home loans again, this time by 5 basis points, effective June 1. It had raised rates by 30 basis points last month post the hike in repo rate in an off-cycle meeting by the monetary policy committee (MPC).

“HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points, with effect from June 1, 2022”, HDFC said.

Hence, interest rates for new customers have gone up by 35 basis points since May and