Business Standard

HDFC to keep rates stable even if RBI tightens policy: Mistry

Related News

have something to cheer in the era of rising interest rates. The country’s largest home loan player, Housing Development Finance Corporation (HDFC), on Wednesday said it will not hike even if the central bank signals an upward movement in the monetary policy on July 27.

“Not at the moment. We have no plans to pass it (hike in policy rates) on,” Vice Chairman and MD said at the company’s annual general meeting.

“We have already raised money at decent rates, which will enable us to maintain our spreads,” Mistry said.

The comments come at a time market participants are expecting the central bank to increase policy rates to tame inflation. On July 2, hiked by 25 basis points each.

has been aggressive in pushing its sales by offering competitive rates. It launched a new product in early July which charges a fixed interest rate of 8.25 per cent in the first year and 9.25 per cent in the second year. The move followed State Bank of India’s decision to extend its fixed-cum-floating rate regime on June 30. charges eight per cent on home loans in the first year and nine per cent in second and third years.

Speaking at the AGM, HDFC Chairman said residential real estate prices in the country were hitting the peak levels observed in the pre-slowdown period.

Read more on:   
|
|
|
|
|
|
|

HDFC to keep rates stable even if RBI tightens policy: Mistry

Home loan borrowers have something to cheer in the era of rising interest rates.

have something to cheer in the era of rising interest rates. The country’s largest home loan player, Housing Development Finance Corporation (HDFC), on Wednesday said it will not hike even if the central bank signals an upward movement in the monetary policy on July 27.

“Not at the moment. We have no plans to pass it (hike in policy rates) on,” Vice Chairman and MD said at the company’s annual general meeting.

“We have already raised money at decent rates, which will enable us to maintain our spreads,” Mistry said.

The comments come at a time market participants are expecting the central bank to increase policy rates to tame inflation. On July 2, hiked by 25 basis points each.

has been aggressive in pushing its sales by offering competitive rates. It launched a new product in early July which charges a fixed interest rate of 8.25 per cent in the first year and 9.25 per cent in the second year. The move followed State Bank of India’s decision to extend its fixed-cum-floating rate regime on June 30. charges eight per cent on home loans in the first year and nine per cent in second and third years.

Speaking at the AGM, HDFC Chairman said residential real estate prices in the country were hitting the peak levels observed in the pre-slowdown period.

image

Read More

Going out of Citi Suvidha? Keep higher balance

Citi India’s ‘Suvidha’ salary account holders will need to maintain a monthly net relationship value of Rs 1 lakh if their salary is no longer ...

Recommended for you

Advertisements

Quick Links

More news from Finance Rss icon

Looking for Chairmen for PSU banks; appointed 5 CEO & MDs: Govt

Jayant Sinha says govt has already okayed move to separate posts of Chairman and MDs in public sector banks

Banks set for cost increases on new loan provisioning rules

Stricter provisioning norms will also affect recovery chances of troubled borrowers

Coverfox.com raises Rs 75 cr in Series-B from Accel, SAIF partners

Coverfox had earlier raised $2 mn in a Series-A round from Accel India and SAIF partners

Back to Top