HDFC Hikes Home Loan Rate: HDFC’s shock, increased interest rates on home loan, know how much EMI increased

HDFC Raises Lending Rate by 50 bps: The country’s largest housing finance company HDFC Limited has increased its lending rate by 50 basis points i.e. 0.50 percent on Friday. HDFC has made its home loan costlier after RBI hiked the repo rate. Earlier HDFC was giving home loan at 7.60 percent interest rate, now the new home loan rate has become 8.10 percent.

RBI hiked interest rates today
After this decision, now the home loan EMI for HDFC Limited customers will increase. Let us tell you that in order to control inflation, the Reserve Bank (RBI) has increased the interest rates today. RBI increased the repo rate by 50 basis points, which has increased it from 5.40 percent to 5.90 percent. After the decision of RBI, now the process of becoming expensive for home and auto loans has started once again.

Interest rates hiked for the 7th time in 5 months
Let us tell you that in the last 5 months, HDFC has increased the interest rates for the 7th time. HDFC said in its statement, “HDFC has decided to increase its Retail Prime Lending Rate (RPLR) on housing loans. The Adjustable Rate Home Loan (ARHL) has been increased by 50 basis points.

20 lakh home loan
You had to pay an EMI of Rs 20 lakh for a home loan of Rs 20 lakh for 20 years at an interest rate of 8.65 per cent, on which EMI was being paid at Rs 17,547. But after the increase of 50 basis points in the repo rate, the interest rate will be 9.15 percent, on which an EMI of Rs 18,188 will have to be paid.

Home loan of Rs 30 lakh
If you have taken a home loan of Rs 30 lakh for 20 years, on which you are currently paying interest at the rate of 8.10 per cent, on which you have to pay an EMI of Rs 25,280 at present. But after increasing the repo rate, now you will have to pay interest at the rate of 8.60 percent. On which an EMI of Rs 26,225 will have to be paid. That is, every month Rs 945 more and in a year the burden of Rs 11,340 on your pocket is going to increase on the pocket.

Other banks can also increase interest rate soon
After the increase in interest rates by 50 basis points by RBI on Friday, now other financial institutions and banks can also make loans costlier soon. RBI has raised interest rates for the fourth time in a row. Earlier on August 5, the repo rate was increased by 50 basis points, in June by 50 basis points and in May by 40 basis points.

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