HDFC raises lending rates, EMIs on home loans to go up

Housing Finance Company HDFC has increased its Retail Prime Lending Rate (RPLR) on housing loans by 5 basis points.

The revision would come into effect from Wednesday itself.

The upward revision in rates will essentially lead to an increase in EMIs for borrowers.

The hike in rates came close on the heels of central bank RBI's recent hike in repo rate by 40 basis points, besides giving indications it would raise rates further in the upcoming monetary policy review meets.

On Wednesday, Punjab National Bank (PNB) too raised its marginal cost of funds-based lending rate by 15 basis points with immediate effect.

Recently, banks such as SBI and Bank of Baroda too have hiked their lending rates across various tenures, as per reports.