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HindustanTimes Mon,21 Apr 2014

HDFC to raise mortgage interest rates by 0.25%

Reuters   August 22, 2013
First Published: 19:35 IST(22/8/2013) | Last Updated: 19:37 IST(22/8/2013)

Housing Development Finance Corp Ltd (HDFC), the country's biggest mortgage lender, said on Thursday it will increase its retail prime lending rate by 0.25%, effective from Friday.

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Earlier on Thursday, ICICI Bank, the country's second-largest lender, became the latest bank to raise interest rates, lifting its base rate by 25 basis points to 10%.

The rise in interest rates comes after the central bank introduced monetary tightening measures this quarter to bolster the rupee, which fell to a record low against the dollar on Thursday.

HDFC said it had reduced its retail prime lending rate by 10 basis points in February this year and, therefore on a net basis the rate will be higher by 15 bps since January.

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