Font Size 
HDFC hikes home loan interest rates
Published on Tue, Aug 01, 2006 at 12:30, Updated on Tue, Aug 01, 2006 at 16:08 in Business section
Tags: Hdfc, Interest Rates Hike , New Delhi
 |
Related Stories
Education reform will be for all Indians: Sibal 
- Federer wins record-breaking 15th Grand Slam title | Photogallery
- Budget preview: Promises to keep | What to expect and what not
- One-upmanship: Sonia, Pawar in foodgrain politics
- 5 feared dead in Madhya Pradesh factory explosions
- Bandra-Worli Sea link starts toll tax
- Policemen guard Maya's statue wealth across UP
- Youth shot dead by cops had 26 injury marks | Watch
- CPI-M leaders to act to curb Kerala infighting
- Paes-Black lose Wimbledon mixed doubles final
Photogallery
 |  |
New Delhi: India's top home loan lender HDFC increased lending rates by 0.50 per cent with effect from Tuesday, in the wake of Reserve Bank hiking key short term interest rates.
However, HDFC interest rates on deposits, will remain unchanged, said the bank. With this hike, the floating rate for home loans will be 9.5 per cent as against the previous 9 per cent, while the new fixed rate will be 11 per cent from 10.5 per cent earlier.
The primary lending rate of the banking major will be 12.25 per cent against earlier 11.75 per cent.
The Reserve Bank of India had hiked its short term lending and borrowing rates by 0.25 per cent, a week ago on July 25, aiming to keep a check on rising inflation.
Following this, many banks, including ICICI Bank and State Bank of India, had indicated they would hike their home and auto loan rates.
Dy MD, ICICI Bank Chanda kochhar says, "With the midterm hike that was announced in interest rates, we clearly saw funding rates going up. So the hike in lending rates therefore was purely a function of the rising funding costs."
ICICI Bank was the first to announce costlier loan rates on July 25, the day RBI announced reviewed credit policy.
| Ads by Google |
| Related Ads: | |
URBANEYE
Read Comment | Post Comment
Be the first to comment.