A recent press report said that the country’s HDFC Bank Limited has increased its lending rates by half a percentage point, in proportion to the rate increases by other key loaners after the RBI had hiked its policy rate by the similar margin.
Reports said that the country’s second biggest private-sector bank by assets increased its base rate, the least rate it can charge borrowers, to 10% and its PLR to 18.50%. Reports also said that State Bank of India and ICICI Bank Ltd increased their lending rates. After increase in lending rates by HDFC Bank, the base rate of India’s top three loaners remained at 10%.The bank has also hiked rates of interest on some of its deposits by between 25 bps and 75 bps.
HDFC is a pioneer and leader in housing finance in India, since origin. It has supported more than 38 Lakhs customers to own a home of their own, through cumulative housing loan approvals. HDFC offers the widest range of home loan products and services to suit the unique requirements of its customers including Home Loans for properties anywhere across India, Home Improvement Loans, Home Extension Loans and Land Purchase Loans for Housing.