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HDFC Bank Increased RPLR Which Will Impact As Home Loan Interest Rate Hike

HDFC Rate Hike: HDFC Bank has shocked its customers and...

HDFC Rate Hike: HDFC Bank has shocked its customers and has increased the Retail Prime Lending Rate (RPLR) of housing loans by 0.25 percent. The new interest rates have come into effect from 9th August i.e. today. After this increase, the interest rate of HDFC’s home loan has increased from 7.70 percent to 7.95 percent. Let us tell you that just yesterday, HDFC Bank has announced to increase the Marginal Cost of Lending Rate i.e. MCLR by 10 basis points. HDFC Bank’s new MCLR rates have come into effect from yesterday i.e. August 8, 2022.

Yesterday the bank also increased the MCLR
Home loans have now become expensive after HDFC Bank increased the RPLR, due to which the customers of the bank will have to pay expensive EMI on the home loan. Let us tell you that after the increase in MCLR by HDFC Bank yesterday, the EMI of all the loans of the bank is going to be expensive. At the same time, RPLR will make interest rates expensive, especially for home loans.

Why did the bank increase the rate
After the increase in the repo rate of the Reserve Bank, now banks have also indicated to increase the interest rates of their loans. Housing Development and Finance Corporation (HDFC), the largest private sector bank, has started this by making home loans expensive. Significantly, on Friday, August 5, the RBI has increased the repo rate by 0.50 percent to bring it to 5.4 percent, which is the highest level since August 2019. HDFC has increased home loan interest rates for the second time within 9 days and since May, this private sector bank has increased by 1.40 percent.

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