MUMBAI: HDFC Bank has increased its home loan Interest rates by 10 basis points (100 basis points/bps = 1 percentage point) with immediate effect. The country’s largest housing finance company is the last among big home loan providers to increase rates.
Following the hike, The corporation’s home loan Interest rates start from 8.80% on loans o fup to Rs.30 lakh for salaried women. For loans between Rs. 30 Lakh and Rs 75 Lakh. it's 8.95%, and 9% on loans above Rs. 75 Lakh.
For borrowing where a woman (Biggest advantage of buying a property in your wife’s name) is not part of the loan agreement, the rates are 50 bps higher. The move comes five days ahead of the Reserve bank of India's (RBI's) monetary policy announcement on October 5. The RBI has widely expected increase rates by 25 bps.
On Saturday, Punjab National Bank had increased its benchmark lending rates (marginal cost of Funds-based lending rate, or MCLR) for short-term loans by up to 0.2 per cent, effective Monday. With the revision, PNB's overnight MCRL now Stands at 8.0 per cent as against 7.9 per cent earlier.
Last month SBI Bank and ICICI Bank increased their benchmark rates against which all home loans are priced. While SBI announced a uniform increase of 20 bps on all its MCLRs, ICICI bank raised its benchmark rates By 15 bps.
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