Housing loan company HDFC Limited has also increased the interest rate on the loan. HDFC Ltd has increased its standard lending rate by 0.30 per cent. This will make the loan costlier for both existing and new customers of the bank. According to the information given by HDFC Limited, this increase will be effective from May 9.
The revised rates for new borrowers range from 7 per cent to 7.45 per cent depending on their 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 the interest rates for them will increase by 0.30 percent.
HDFC had also raised its benchmark lending rate by 0.05 per cent in early May, making monthly installments (EMIs) of loans costlier for existing borrowers.
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Prior to this, several other lending institutions including ICICI Bank, Bank of Baroda and Bank of India have also increased the rates. Let us tell you that the repo rate has been increased by 0.40 percent by the Reserve Bank of India. After this, this decision is being taken continuously by the banks.