HDFC raises mortgage interest rates
“HDFC is increasing its Retail Prime Rate (RPLR) on home loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked by 30 basis points effective May 09, 2022,” the company said on Saturday. in a press release.
According to the HDFC press release, interest rates from May 9 will be between 7 and 7.45%.
Source: HDFC statement
Previously, HDFC raised its RPLR by 5 basis points for existing borrowers effective May 1, 2022.
Interest rates have started to rise, with the Reserve Bank of India signaling “less supportive” monetary policy as excess money infused during the Covid-19 outbreak is gradually withdrawn. Following the Russian-Ukrainian crisis, world commodity prices, especially crude oil, are expected to soar, leading to significant inflation.
Many banks have all raised interest rates on home loans in the past month.