As HDFC raises lending rates, here's how it will affect home loan EMIs

Housing Development and Finance Corp (HDFC) on Thursday announced increasing its lending rates by 0.20 percentage points, a day after the RBI hiked the policy rate

If you are planning to take a loan for your dream home from Housing Development and Finance Corp (HDFC) Bank, then get ready to pay more as the lender on Thursday announced increasing its lending rates by 0.20 percentage points, a day after the Reserve Bank of India (RBI) increased the policy interest rate by 25 bps for the second time in two months.

HDFC’s benchmark prime lending rate now stands revised at 16.65%, effective 1 August. 

The hike will have a direct effect on the EMIs (EMIs equated monthly instalments)-- the fixed amount you to pay to bank or