HDFC Home Loan Limited has also raised the interest rate on the loan. HDFC Ltd raised its benchmark lending rate by 0.30 per cent. This will make the loan more expensive for both existing and new customers of the bank. As per the information provided by HDFC Limited, this increase will be effective from May 9th.
Adjusted rates for new borrowers range from 7 percent to 7.45 percent depending on creditworthiness and loan amount. Its current range is from 6.70 percent to 7.15 percent. If we talk about the existing customers of HDFC, then interest rates for them will increase by 0.30%.
HDFC also raised its benchmark lending rate by 0.05 percent in early May, making monthly loan payments more expensive for existing borrowers.
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Prior to this, several other lending institutions including ICICI Bank, Bank of Baroda and Bank of India had increased rates. Let us tell you that the repo rate was increased by 0.40 per cent by the Reserve Bank of India. After that, this decision is taken on an ongoing basis by the banks.