HDFC Hikes Home Loan Rate: Inflation is going to hit another home loan borrower. His EMI is going to be expensive. And if you are thinking of buying a home for yourself by taking a home loan, then you will have to pay more interest. In fact, the country’s largest housing finance company HDFC has announced to increase the interest rates on home loans again. HDFC has announced a 30 basis point increase in the Retail Prime Lending Rate (RPLR) on housing loans. The new rates of HDFC home loan will be applicable from 9th May 2022. A week ago too, HDFC had increased by 5 basis points. Adding to this, HDFC has increased the home loan interest rates by a total of 35 basis points.
HDFC issued a statement
HDFC has informed the stock exchanges on Saturday that HDFC has decided to increase its retail prime lending rate (RPLR) on home loans by 30 basis points with effect from May 09, 2022. Earlier, ICICI Bank had also announced to increase the interest rates of repo rate based home loans.
Effect of RBI raising repo rate
After the decision of RBI to increase the repo rate, banks from housing finance companies have started making loans expensive. And the biggest brunt of the costly loan will have to be borne by those people who have bought their house in recent times by taking home loan from bank or housing finance company. RBI has decided to increase the repo rate by 40 basis points, which has now become 4.40 percent. Let’s have a look at how much it will affect your pocket after increasing the interest rate on HDFC’s home loan by 30 basis points.
1. Home Loan of Rs.20 Lakh
Suppose you have taken a home loan of Rs 20 lakh for 20 years at 6.85 per cent interest rate, then at present you have to pay an EMI of Rs 15,236. But after the HDFC hikes the interest rate by 35 basis points in two phases, the new rate will become 7.20 percent, after which you will have to pay an EMI of Rs 15,747. That is, Rs 511 more every month and an additional load of Rs 6,132 in the whole year.
2. Home loan of Rs 40 lakh
If you have taken a home loan of Rs 40 lakh at 6.95 per cent interest rate for 15 years, then you currently have to pay an EMI of Rs 35,841. But after increasing the repo rate, the interest rate will increase to 7.30 percent, after which you will have to pay an EMI of Rs 36,637. That is, 796 rupees more every month. And if you add it in the whole year, then you will have to pay more EMI of Rs 9552.
3. 50 lakh home loan
If you take a home loan of Rs 50 lakh, the bank charges a higher rate of interest on it. That is, if you have taken a home loan of Rs 50 lakh for 20 years at 7.25% interest rate, then you have to pay an EMI of Rs 39,519. But after the increase in the RBI repo rate, the interest rate will be 7.60 percent, after which an EMI of Rs 40,586 will have to be paid. That is, every month you will have to pay more EMI by Rs 1067 and in a year you will have to pay Rs 12,804 more.
read this also
Alibaba Share Price: Whose arrest in China caused a ruckus in the company’s shares, in one stroke, the value of such a billion decreased
IPO Update: Delhivery has kept the price band below Rs 500, money can be invested from next week