HDFC increased interest rates, loans became expensive for new and old customers
Aug 09, 2022 | 7:46 amRead more: Vinesh's golden hat -trick, TT team threat, this quartet again scattered golden shine
HDFC Limited has made its debt expensive. This company has increased its benchmark lending rate by 25 basis points. This increase will make the loan expensive. Existing customers will get loans at high rates, while old customers will have to give more EMIs than before. After the recent increase in the repo rate, HDFC has decided to increase the lending rate. The lending rate is the rate at which customers are given loan. The Reserve Bank had recently increased the repo rate by 50 basis points. In this way, the repo rate has been increased by 140 basis points so far.
After the recent increase, the repo rate of the Reserve Bank has reached 5.40 percent. To control inflation, the Reserve Bank is increasing the repo rate from time to time. After the increase in the repo rate, banks will get loans from the Reserve Bank at an expensive rate. After this, banks and finance companies will also give loans to their customers at an expensive rate. Increased lending rate increases the debt rate. Due to increase in repo rate, the process of increasing the lending rate of banks continues. Almost all banks have made their debt rates expensive.
HDFC has said, HDFC has increased the retail prime lending rate (RPLR) on its housing loan. On this basis, adjustable rate home loan (ARHL) is benchmark. RPLR has been extended to 25 basis points. Its new rates are coming into effect from 9 August. Housing company HDFC said this in a statement.
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