HDFC Bank Home Loans get more expensive from April 1 In a precursor to higher EMIs (equated monthly instalments), HDFC announced the raising of its retail prime lending rates (RPLR) by upto 20 basis points, on which its variable home loans are benchmarked.
"HDFC has increased its retail prime lending rate on which its adjustable rate home loans is benchmarked by 20 basis points, with effect from April 1, 2018," said the HDFC statement in a stock market filing on Monday.The benchmark RPLR (retail prime lending rates) for HDFC will now go up to 16.35%.
The increases are effective from April 1.Interest on home loans for upto Rs 30 lakh has been raised to 8.45%.
At the same time, interest on loans that amount anywhere between Rs 30 lakh and Rs 75 lakh has been raised to 8.6%.
The interest on loan amounting to Rs 75 lakh will now draw an interest of 8.7% with effect from April 1.For female borrowers, the rate of interest is 5 basis points lower across the board.
The rate of interest for them is 8.4% for the loans that are upto Rs 30 lakh.
The loan that amounts to above Rs 30 lakh, but lower than Rs 75 lakh will carry an interest rate of 8.55%.
The rate of interest for the loans that amount above Rs 75 lakh for women borrowers is 8.65% against the male borrowers who are charged 8.7%.Loan SlabHome Loan Interest Rates(% p.a.)For Women* (upto 30 Lakhs)8.40 to 8.90For Others* (upto 30 Lakhs)8.45 to 8.95For Women* (From 30.01 Lakhs to 75 Lakhs)8.55 to 9.05For Others* (From 30.01 Lakhs to 75 Lakhs)8.60 to 9.10For Women* (Above 75 Lakhs)8.65 to 9.15For Others* (Above 75 Lakhs)8.70 to 9.20Recently, SBI had also raised its home loan rates.
State Bank of India (SBI) charges home loan rates of 8.35 per cent interest per annum for loans up to Rs 30 lakh against 8.45% charged by HDFC.
For women customers, SBI charges 8.3% against HDFC that charges 8.4%.The banking system currently follows the marginal cost of funds based lending rates (MCLR) wherein the higher cost of funds by financial institutions leads to higher rate of interest charged by them from the borrowers.