Home loan interest rates increase by 10 to 15 bps up-to 9.8% hikes by HDFC Bank
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Largest private sector money lender of India which is HDFC Bank, increase interest rate of home loans by 10 – 15 basis point, which is range in 9.05% to 9.8% in march.
Information regarding from the HDFC bank’s web news, Interest rate of loan changes because of merging HDFC Bank to HDFC on 1st July, 2023. In More now on words it will not be linked to Retail Prime Lending Rate (RLPR).
The repo-linked lending rate is tied to the Reserve Bank of India’s repo rate, which has been kept unchanged at 6.50 percent since April 2023 after inflation showed signs of moderating. The Monetary Policy Committee steadily increased the repo rate by 250 bps starting in May 2022.
Interest rate of customer account which is linked to RLPR(Retail Prime Lending Rate) now it will be linked to External Benchmark Lending Rate(EBLR). This floating rate of interest is in compliance with regulatory guidelines. As per bank informed on their website, rate of interest will not be changed on the day of merger, and also further changes will based on EBLR.
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