Hdfc home loan rate

*** HDFC home loan rate in June 2021 Joining the league of banks that have reduced their home loan interest rates to cash in on the festive season, private lender HDFC, on September 21, 2021, has decided to cut home loan rates to 6.70%. The reduction by HDFC amounts to a cut of five basis points from its earlier best rate of 6.75%. The reduced home loan rates at HDFC come into effect from September 20, 2021, the lender said in a statement. To be valid till October 31, 2021, the new home loan interest rate at HDFC will be applicable to all new loan applications, irrespective of the loan amount or employment category. However, the lender will assess a borrower’s credit profile to offer them its best rate. “Housing is much more affordable today than it ever was. In the last couple of years, property prices have more or less remained the same in major pockets across the country, while income levels have gone up. Record low-interest rates, subsidies under the PMAY and tax benefits have also helped.” said Renu Sud Karnad, managing director, HDFC Ltd. Among the other banks that have recently announced a cut in home loan rates are SBI, Kotak Mahindra Bank, Punjab National Bank and Industry experts are of the view that that the reduction in home loan interest rates would be greatly beneficial for a sector that has been trying to spring out of a prolonged slowdown. “There is already a growing desire of owning a home as consumers look at it as a necessity in this unprecedented time o...

Just a few hours after the Reserve Bank of India increased the repo rate by another 50 basis points (100 bps = 1%) by the Reserve Bank of India (RBI), mortgage lender HDFC Ltd, too hiked its loan interest rates on September 30, 2022. As a BSE notification by HDFC, “HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its adjustable rate home loans (ARHL) are benchmarked, by 50 basis points, with effect from October 1, 2022.” However, the question is after the latest increase in home loan interest rate by 50 bps, how much will HDFC loan borrower’s EMIs rise? Let us take an illustration to see how much EMIs will increase. Suppose Mr A has taken a home loan of Rs 50 lakh. The new interest rate that will be effective on the home loan is 8.40% per annum. Earlier, the interest rate charged was 7.90%. The tenure of the loan is 25 years. Effective from October 1, 2019, the RBI has asked the banks to link the home loan interest rates to an external benchmarking interest rate. The external benchmark can be any one of the following: • RBI’s repo rate • Govt of India’s 3-month or 6-month Treasury Bill Yields published by Financial Benchmarks India Pvt. Ltd. (FBIL) • Any other benchmark market interest rate published by FBIL. The interest rate under the external benchmark lending guidelines will be reveiwed and reset in atleast every three months. The banks are free to charge margin over the external benchmark lending rate. The RBI has hiked the repo rate 4 ti...