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HDFC housing loans become costlier

HDFC Bank's housing loans across all segments become costlier by 50 basis points from Tuesday.

DNA Web Team

Updated : Sep 14, 2017, 03:26 PM IST

MUMBAI: HDFC Bank's housing loans across all segments become costlier by 50 basis points from Tuesday.

The bank, in an announcement made on Monday evening, however, did not revise its prime lending rate that is 11.75 per cent.

HDFC's fixed lending rate for housing loans goes up to 11 per cent and of floating rate to 9.5 per cent with effect from May 2.

The home loan leader HDFC had hiked its rates by 0.50 per cent in February after the quarterly review of monetary policy increased repo and reverse repo rates to contain inflation.

On Saturday, the State Bank of India had joined with other banks like Oriental Bank of Commerce and Punjab National Bank in raising interest rates by 0.25-0.50 per cent from Monday, in the face of the Reserve Bank of India hiking risk provisioning for loans above Rs 20 lakh in its credit policy.

Bank of Baroda had hiked PLR by half a percentage.

Though many of the public sector banks had been experiencing the liquidity crunch, they had refrained from hiking home loan rates, adopting a wait and watch approach.

The home loan rates had reached a rock bottom of 7 per cent by 2003 after banks resorted to rate war to woo customers, creating a boom in the housing sector.

However, to improve the quality of loans, the RBI has now increased the risk weight provisioning from 0.4 per cent to one per cent for home loans beyond Rs 20 lakh.

PNB, the country's second largest public sector lender, said it increased PLR by 0.50 per cent to 11.25 per cent. SBI, PNB and BoB have also hiked interest rates paid to depositors by 0.25-0.50 per cent.

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