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Retail Prime Lending Rate on House Loans has been Increased by 50 Basis Points by HDFC: Details

Recently, both Kotak Mahindra Bank and ICICI Bank raised their interest rates.

HDFC increased its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 50 basis points on June 9. (bps). The increase in home loan rates will take effect on June 10, 2022.

HDFC has raised its home loan rates for the fourth time in the last month. The previous rate hike took place on June 1st, when home loan rates were raised by five basis points. Prior to that, rates were raised by 30 basis points on May 9 and five basis points on May 2.

Recently, both Kotak Mahindra Bank and ICICI Bank raised their interest rates. Following the Reserve Bank of India (RBI) repo rate hike of 50 basis points, Kotak Mahindra Bank has boosted interest rates on savings accounts and fixed deposits, while ICICI Bank has increased rates on its FDs. The ICICI Bank FD rate boost took effect on June 7th, and the Kotak Mahindra Bank rate hike will take effect on June 13th.

On June 8, the RBI’s monetary policy committee (MPC) increased the repo rate by 50 basis points, the main policy rate at which the central bank lends short-term funding to banks.

The RBI repo rate has been hiked to 4.9 percent in order to combat excessive inflation.

Also Check Out: LIC shares hit a new low today M-Cap is nearing Rs 4.5 lakh crore; should you buy, sell, or hold?

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