HDFC customers alert! Pay more on home loans, new rates effective from today August 9

New Delhi: Mortgage lender Housing Development Finance Corporation (HDFC) has revised its Retail Prime Lending Rate (RPLR), which will make EMIs on home loans costlier. The new rates will kick in from today, August 9, 2022.

In a BSE filing, HDFC said, "HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points, with effect from August 9, 2022."

It may be noted that other major banks like ICICI, PNB, Canara Bank and Bank of Baroda, HDFC Bank too have  made lending costlier by increasing their loan interest rates following RBI's repo rate hike last Friday.

Reserve Bank of India had on August 5 raised the key interest rate by 50 basis points, the third straight increase since May. The repurchase (repo) rate was raised by 50 basis points to lift the interest rate to the pre-pandemic level. The 5.40 per cent repo rate was last seen in August 2019.

RBI's rate hike is aimed at taming the stubbornly high inflation and defend the depreciating rupee.

On August 6, HDFC Ltd on filed an application with the National Company Law Tribunal (NCLT) for merger of HDFC Investments Limited and HDFC Holdings Limited with HDFC Bank. This is part of the proposed merger of HDFC Bank, the country's largest private sector bank by balance sheet, with its parent, mortgage lender Housing Development Finance Corporation Ltd (HDFC Ltd).