HDFC Home Loan: Get Ready To Pay Higher EMIs As HDFC Raises Lending Rates

In a precursor to higher EMIs (equated monthly instalments), HDFC announced the raising of its retail prime lending rates (RPLR) by upto 20 basis points, on which its variable home loans are benchmarked. "HDFC has increased its retail prime lending rate on which its adjustable rate home loans is benchmarked by 20 basis points, with effect from April 1, 2018," said the HDFC statement in a stock market filing on Monday.

The benchmark RPLR (retail prime lending rates) for HDFC will now go up to 16.35%. The increases are effective from April 1.

Interest on home loans for upto Rs 30 lakh has been raised to 8.45%. At the same time, interest on loans that amount anywhere between Rs 30 lakh and Rs 75 lakh has been raised to 8.6%. The interest on loan amounting to Rs 75 lakh will now draw an interest of 8.7% with effect from April 1.

For female borrowers, the rate of interest is 5 basis points lower across the board. The rate of interest for them is 8.4% for the loans that are upto Rs 30 lakh. The loan that amounts to above Rs 30 lakh, but lower than Rs 75 lakh will carry an interest rate of 8.55%. The rate of interest for the loans that amount above Rs 75 lakh for women borrowers is 8.65% against the male borrowers who are charged 8.7%.