Mortgage major HDFC today raised retail prime lending rate (RPLR) by 50 basis points, in line with its peers. The increase which will come into effect from May 16, will have a direct impact on both the existing as well as new home loan borrowers.
The floating rate for loans up to Rs 30 lakh will now be 10.25 per cent while the new rate for loans of between Rs 30 lakh and Rs 75 lakh will be 10.50 per cent, a release issued here by the lender said. For loans above Rs 75 lakh, the floating rate will be 11 per cent, it added.
Many banks including the country's largest lender State Bank of India have hiked their lending rates over the last few days following RBI's move to increase the repo rate by 50 basis points choosing to pass on the higher cost of credit to the borrowers.