The actual interest rate is determined by the borrower’s credit score and the loan amount. Last month, HDFC raised its prime lending rate by 0.35 percent. ‘
HIGHLIGHTS:
· HDFC Ltd raised its prime lending rate by 0.05 percent on Wednesday.
· This move will increase the cost of loans for both existing and new customers.
· The RPLR (Retail Prime Lending Rate) has been increased by 0.05 percent.
On Wednesday, HDFC Ltd, a housing financing business, increased its prime lending rate by 0.05 percent. As a result of this shift, both existing and new clients will pay extra for loans. In the previous month, HDFC has raised its rates three times. State Bank had previously charged customers higher interest rates.
“HDFC has increased its Retail Prime Lending Rate (RPLR) on Home Loans by 0.05 percent with effect from June 1, 2022,” the business stated in a statement. The rate has been raised from 7.05 percent to 7.50 percent for new borrowers.
For existing borrowers, the rate will be between 7% and 7.45%. The actual interest rate is determined by the borrower’s credit score and the loan amount. Last month, HDFC raised its prime lending rate by 0.35 percent.
SBI mortgage rates rise
If you are borrowing a mortgage from the State Bank of India (SBI), there is bad news. SBI raised the External Benchmark Lending Rate (EBLR) by 40 basis points to 7.05%. On the other hand, RLLR is 6.65% plus credit risk premium (CRP). The rate hike will take effect from June 1st. Previously, the EBLR was 6.65%, but the repolled loan rate (RLLR) was 6.25%.
Read More:- Home Loan Rule: Applying for Home Loan? Know these tips important tips about Home Loan
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