HDFC Bank has increased the interest rates on home loans four times in just one month and a few days. While announcing the recent hike on June 9, the bank has increased its Retail Prime Lending Rate (RPLR) by 50 BPS. The fresh rates are in effect from June 10, 2022, as per the statement stated by HDFC.
HDFC Bank Loan Interest Rates
Now, after the recent hike, HDFC home loan interest rates will start from 7.55%
Said HDFC in a press statement, “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 June 10, 2022.”
Since May the bank has announced four hikes in its home loan interest rates:
- A 5 bps hike was announced on May 2.
- On May 9, a hike of 30 bps was seen.
- On June 1, the bank hiked rates again by 5 bps
- Thus, the latest hike will be the fourth in a month.
Latest Loan Rates:
With the latest increase for the customers of banks having credit scores more than 800 the home loan interest rate under the Special Housing Loan Scheme is 7.55 percent.
If your home loan is of ₹30 lakh then bank will charge the interest at 7.70 percent from now on:
|Loan Amount (Rs)||30,00,000|
|Interest Rate (%)||7.20%|
|Old EMI (Rs)||23,620|
|New Interest rate (%)||7.70%|
|New EMI (Rs)||24,536|
|Increase in EMI (Rs)||916|
If you have availed a home loan of ₹50 lakh then the interest rate will be charged at 7.95%
|Loan Amount (Rs)||50,00,000|
|Interest Rate (%)||7.45%|
|Old EMI (Rs)||40,127|
|New Interest rate (%)||7.95%|
|New EMI (Rs)||41,667|
|Increase in EMI (Rs)||1540|
|Loan Amount (Rs)||80,00,000|
|Interest Rate (%)||7.55%|
|Old EMI (Rs)||64,692|
|New Interest rate (%)||8.05%|
|New EMI (Rs)||67.164|
|Increase in EMI (Rs)||2472|