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HDFC Bank hikes Loan Interest Rates, Here’s how it could impact your EMIs

Mortgage lender Housing Development and Finance Corporation (HDFC) has increased its retail prime lending rate (RPLR) by 5 basis points (bps), resulting in a rise in home loan interest rates. Those who have a credit score above 750 will have to pay 6.75% interest for their adjustable-rate home loans. The new rates came into effect on May 1, 2022.

Revised RPLR

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Loan Slab Home Loan Interest Rates (% p.a.)
For loans up to 30 Lakhs 6.85%
For loans up to 30.01 Lakhs to 75 Lakhs 7.10%
For loans up to 75.01 lakhs & above 7.20%

 

This decision came after many banks like SBI, Kotak, Mahindra and Bank of Baroda increased their marginal cost of lending rate (MCLR). In April, SBI had hiked the marginal cost of lending rate on loans across all tenors by 10 basis points.

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The banks have to fix interest rates for different types of customers based on the MCLR. MCLR is revised every month based on repo rates and other lending rates. It is suggested to people that they must choose their home loan options wisely now as everything is rising and nothing seems to see a low.

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