Home loans are turning dearer. Private sector lender, HDFC has raised its retail prime lending rate (RPLR)one-hundredth of a percentage point — in its RPLR, taking it up to 15 per cent.
HDFC raised floating interest rates by 25 basis points to 9.5 per cent for home loans upto Rs 30 lakh and to 9.75 per cent for loans amounting between Rs 30-75 lakh having tenor upto 20 years, the bank announced.
As a result of this rise, the equated monthly installment for loans already disbursed by HDFC under its special home loan scheme will turn more expensive from the third year.
ICICI Bank had announced the discontinuation of its teaser-rate home loan scheme on Wednesday. Another large lender in this segment, the State Bank of India, chose to extend the scheme till December 31.
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