Shock to HDFC customers: Five basis points increase in interest rate on home loan, now more EMI will have to be paid
After SBI and Bank of Baroda, now HDFC Bank has also given a big blow to its customers. If you have taken a home loan from this bank, then this news is for you only. Actually, the bank has increased the retail prime lending rate (RPLR) by five basis points. After this increase, the home loan rates for the customers will increase. As per the information provided on HDFC's website, the new rates will be deemed to be applicable from May 1, 2022.
No impact on new customers
It is worth noting that the increase in interest rates by HDFC Bank will affect the customers who have taken home loans from this bank and their EMI burden will increase. Whereas, it will not have any effect on new customers. There was no hike in loan rates for new customers. The interest rate for them will be from 6.70 to 7.15 percent depending on the amount and tenure of the loan.
The new rates after the change are as follows
According to the information shared by HDFC Bank about the revised retail prime lending rate, now 6.85 per cent for loans up to Rs 30 lakh, 7.10 per cent for loans from 30.01 lakh to 75 lakh and up to Rs 75.01 lakh and more. The rate of 7.20 per cent will be applicable for loans of Rs.
Loans of many banks including SBI are expensive
Let us tell you that this step of HDFC has been taken after the loan inflation by SBI, Bank of Baroda, Axis Bank and Kotak Mahindra Bank in the past. Recently, State Bank of India and Axis Bank also increased the MCLR by 10 basis points and five basis points respectively. The current rate of SBI is 6.65 and that of ICICI Bank is 6.7 percent.
RBI may increase repo rate
In a recent report by research firm Nomura, it was expected that in the next MPC meeting, which is to be held in June, the central bank will increase interest rates by 25 basis points or 0.25 percent to control the continuing rise in inflation. can increase up to That is, after June, the loan is expected to become even more expensive.