HDFC Hikes Home Loan Rates: Expensive EMI shock from March 1, HDFC announced to increase interest rates on home loans

HDFC Hikes Home Loan: Your home loan EMI has become costlier. Housing finance company HDFC has announced an increase in its home loan interest rates. Home loan HDFC Limited has decided to increase its lending rate by 25 basis points i.e. 0.25 percent. The increase in home loan rates will be applicable from March 1, 2023.  
HDFC home loan costlier

HDFC has decided to increase the interest rates for the 9th time. HDFC said in its statement, HDFC has decided to increase its Retail Prime Lending Rate (RPLR) on housing loans. There is an increase of 325 basis points in the Adjustable Rate Home Loan (ARHL), which will be considered applicable from March 1, 2023. People thinking of taking HDFC’s announced home loan will have to pay more EMI, as well as those who have already taken home loan from the housing finance company, their EMI will become expensive. After the announcement of HDFC’s rate hike, home loan interest rates will start at 9.25 per cent. For those customers whose CIBIL credit score is more than 760, the bank is giving home loan at the rate of 8.70 percent under the special offer. This scheme is till 31 March 2023.  

Rs 20 lakh home loan

On a home loan of Rs 20 lakh for 20 years, according to the interest rate of 9 percent, now EMI of Rs 17,995 had to be paid. But after the home loan rate is 9.25 percent, the EMI will increase to Rs 18317. 

Rs 30 lakh home loan

On taking a home loan of Rs.30 lakh for 15 years,  Rs.30428 EMI has to be paid at the rate of 9%. But after increasing the interest rates of HDFC, the new rates will be 9.25 percent and an EMI of Rs 30,876 will have to be paid on it.  

Home loan costlier due to increase in repo rate 

After increasing the repo rate of RBI, interest rates are being increased from bank to housing finance company one after the other.  In this series, now HDFC has also decided to increase the home loan interest rates. 

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