Big Setback To HDFC Bank Customers

After SBI and Bank of Baroda, now HDFC Bank has also given a big blow to its customers. If you have taken a home loan from this bank, then this news is for you. Actually, the bank has increased the retail prime lending rate (RPLR) by five basis points. After this increase, the home loan rates for the customers will increase. As per the information provided on HDFC’s website, the new rates will be deemed to be applicable from May 1, 2022.

It is worth noting that the increase in interest rates by HDFC Bank will have an effect on the customers who have taken home loans from this bank and their EMI burden will increase. Whereas, it will not have any effect on new customers. There was no hike in loan rates for new customers. The interest rate for them will be from 6.70 to 7.15 percent depending on the amount and tenure of the loan.

According to the information shared by HDFC Bank about the revised retail prime lending rate, now 6.85 percent for loans up to 30 lakhs, 7.10 percent for loans from 30.01 lakhs to 75 lakhs And for loans up to Rs 75.01 lakh and above, the rate of 7.20 per cent will be applicable.

Let us tell you that this step of HDFC has been taken after the loan inflation by SBI, Bank of Baroda, Axis Bank and Kotak Mahindra Bank in the past. Recently, State Bank of India and Axis Bank also increased the MCLR by 10 basis points and five basis points respectively. The current rate of SBI is 6.65 and that of ICICI Bank is 6.7 percent.