Lending rates have increased from today; How many home loans, EMI to increase

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The Housing Development Finance Corporation or HDFC raised lending rates by 50 basis points per day after the Reserve Bank of India (RBI) hiked the repo rate. To rein in rising inflation, RBI had raised the repo rate by 50 basis points to 4.9% in its June monetary policy. Earlier in May, the central bank raised the repo rate by 40 basis points in an off-cycle move.

The new lending rate will take effect from June 10, the mortgage lender said in a regulatory filing. “HDFC is increasing its Retail Prime Rate (RPLR) on home loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 50 basis points, effective June 10, 2022,” it said. -he declares.

HDFC home loan interest rates, effective June 10, 2022

The Retail Prime Lending Rate is the rate at which housing finance companies lend to their most creditworthy customers. Customers will get home loans at lower interest rates if they maintain a good credit rating.

With this increase of 50 basis points, the RPLR will increase to 16.95%. For a home loan of up to Rs 30 lakh, female borrowers have to pay an interest rate of between 7.65% and 8.15%. For others, the interest rate will be between 7.7% and 8.2%.

For a home loan of over 30 lakh up to Rs 75 lakh, the interest rate will be between 7.9% and 8.4% for female borrowers. For others, the interest rate will vary from 7.95% to 8.45% for the same amount.

For home loans over Rs 75 lakh, the interest rate will be between 8% and 8.5% for female borrowers. For others, the interest rate for Rs 75 lakh and above will be between 8.05% and 8.55%.

The lender had raised its retail prime rate (RPLR) on home loans by 5 basis points on June 1.

Explaining the rate hike, Pranjal Kamra, CEO of Finology Ventures, said, “A rate hike means that the cost of funds for banks and financial institutions has increased. In turn, banks would pass this cost on to borrowers by raising their lending rates. Therefore, the EMI amount of borrowers of all retail variable rate loans like home loans, car loans and gold loans would increase.

ICICI Bank, PNB raised lending rates

Previously, ICICI Bank also raised lending rates by 50 basis points. “ICICI Bank’s external benchmark lending rate (I-EBLR) is benchmarked to the RBI policy repo rate with a mark-up over the repo rate,” the lender said on its website. ICICI said that as of June 8, I-EBLR is 8.60% papm as of June 8, 2022.

The Punjab National Bank (PNB) has also raised its repo-linked lending rate (RLLR) with effect from June 9, 2022. For existing and new borrowers, the lending rate has increased from 6.9% to 7, 4%. “RLLR increased from 6.90% to 7.40% {Repo Rate (4.90%) + Margin (2.50%)} Wef 09-06-2022 for existing and new customers. With RLLR BSP of 25 bps will be charged, the bank said.

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