HDFC hikes its retail prime lending rates by 50 basis points
RBI had increased the repo rate by 50 basis points to 4.9 per cent in the June monetary policy
- Last Update:10 June 2022, 09:33 AM IST
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Housing Development Finance Corporation or HDFC raised lending rates by 50 basis points a day after the Reserve Bank India (RBI) had increased the repo rate. In order to control rising inflation, the RBI had increased the repo rate by 50 basis points to 4.9 per cent in June’s monetary policy. Earlier in May, the central bank hiked the 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 has increased its retail prime lending rate (RPLR) on home loans, benchmarking its adjustable rate home loan (ARHL) by 50 basis points, with effect from June 10, 2022.
Earlier, ICICI Bank had also increased the lending rates by 50 basis points. “ICICI Bank External Benchmark Lending Rate (I-EBLR) is referred to RBI policy repo rate along with mark-up on repo rate,” the lender said on its website. ICICI said that with effect from June 8, the I-EBLR is 8.60 per cent ppm with effect from June 8, 2022.
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