HDFC’s Adjustable Rate Home Loans (ARHL) are benchmarked on its Retail Prime Lending Rate
Housing Development Finance Corporation (HDFC), the country’s largest mortgage lender has increased its Retail Prime Lending Rate (RPLR) by 30 basis points (BPS) with effect from May 09, 2022. (1 bps = 0.01 percentage point)
The company’s Adjustable Rate Home Loans (ARHL) is benchmarked on the RPLR on housing loans, which means availing the facility is now costlier for customers.
Below is the revised rates as per the rate increase:
|Slab||Category||Employed / Self Employed|
|For a Credit Score of 750 Plus||7.00||6.70||0.30|
|Upto 30 Lakh||Women||7.05||6.75||0.30|
|Above 30 – 75 Lakh||Women||7.30||7.00||0.30|
|Above 75 Lakh||Women||7.40||7.10||0.30|
This rate hike comes after the lender increased RPLR by 5 bps on May 2, irrespective of the loan amount.
Notably, State Bank of India (SBI), Axis Bank and Bank of Bank of Baroda, also increased their marginal cost of fund-based lending rate (MCLR), in anticipation of a repo rate hike by the Reserve Bank of India (RBI) as early as June.
On April 4, HDFC said its board approved the merger of its wholly owned subsidiaries HDFC Investmentsand HDFC Holdings with HDFC Bank. HDFC will acquire 41 percent stake in HDFC Bank through the transformational merger, according to an HDFC Bank filing with the stock exchanges.
“This is a merger of equals. We believe that the housing finance business is poised to grow in leaps and bounds due to the implementation of RERA, infrastructure status to the housing sector, government initiatives like affordable housing for all, amongst others,” Deepak Parekh, Chairman of HDFC, said.
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