HDFC hikes its benchmark lending rate by 25 basis points

Housing Development Finance Corp Ltd hiked its benchmark lending rate by 25 basis points, with effect from August 1, the company said in an exchange filing.

The hike in rate by the mortgage lender came before the Reserve Bank of India's (RBI) monetary policy meeting, which is to be held between August 3 and August 5.

"HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points, with effect from August 1, 2022," the exchange filing said.

The revised rates for new borrowers will range between 7.80 per cent and 8.30 per cent, against the existing range of 7.55 per cent to 8.05 per cent. For existing customers, the rates will rise by 25 bps.

SEE ALSO :
Uneven rains could have a detrimental impact on crop production and inflation: Nomura report

Centuries-old Indian stepwells may serve as a solution to water conservation during the scorching heat