The country’s largest mortgage lender HDFC Ltd on Thursday announced a hike in its retail prime lending rate, while state-owned Indian Overseas Bank increased repo-based lending rates.
This comes a day after the RBI hiked the benchmark repo rate by 0.50 per cent to control inflation.
HDFC has increased its Retail Prime Lending Rate (RPLR) for housing loans at which its Adjustable Rate Home Loans (ARHL) is benchmarked by 50 basis points with effect from June 10, 2022, it said in a regulatory filing. has gone.
Indian Overseas Bank increased its repo linked lending rate by the same margin.
“We … inform that our bank has revised the RLLR (Repo Linked Lending Rate) to 7.75 per cent (ie 4.90 per cent 2.85 per cent = 7.75 per cent),” IOB said in a filing.
Earlier on Wednesday, three state-owned lenders Punjab National Bank, Indian Bank and Bank of India had announced to increase their respective repo based lending rates by 0.50 per cent.
The Reserve Bank has raised the repo rate – at which it lends short-term money to banks – to 4.90 per cent as rising inflation has been a cause for concern amid geopolitical tensions.