The mortgage financier raised its retail prime rate (RPLR) by 5 basis points on Sunday, effective May 1, 2022.
Housing Development and Finance Corporation (HDFC) Variable Rate Home Loans (ARHL), also known as Variable or Floating Rate Loan, are benchmarked to the RPLR.
HDFC’s ARHL for customers with a credit score above 750 will now be 6.75% compared to 6.70% previously.
For loans up to Rs 30 lakh, customers will be charged an interest rate of 6.85%. Loans between Rs 30 and 75 lakh will have an interest rate of 7.10%, and those above Rs 75 lakh will have an interest rate of 7.20%. HDFC offers female borrowers a discount of 5 basis points on all segments.
HDFC provides home loans for affordable housing and continues to have the largest number of home loan customers with over 270,000 who have benefited from the government’s credit-linked grant scheme.
The HDFC board will review the fourth quarter results today, May 2, 2022. The housing finance company’s standalone net profit increased by 11.44% to Rs 3,260.69 crore on a 0.65% increase in total revenue to Rs 11,792.21 crore in the third quarter of FY22 compared to the third quarter of FY21.
Shares of HDFC rose 0.17% to Rs 2,228.15 on Friday.
HDFC and HDFC Bank announced on April 4, 2022 a merger, in which HDFC shareholders will receive 42 shares of HDFC Bank, for 25 shares held in HDFC. Accordingly, HDFC Bank will be 100% owned by public shareholders and existing HDFC shareholders will own 41% of HDFC Bank.
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