HDFC Increase Home Loan Rates

03 August 2011 - Which Way to Pay

Email Article Print Article

HDFC Increase Home Loan Rates

The Housing Development Finance Company (HDFC) has raised its home loan rates by 50 basis points meaning existing loan customers of mortgages with them should prepare for higher equal monthly instalments (EMIs). Referring to the rising interest rates in the economy, on Tuesday the company said it has increased the rate of interest on floating rate home loans by 50 basis points (100 basis points=1%).

In real terms the hike in rates by HDFC means a home owner who has taken out a 20-year loan will have to pay approximately Rs 34 more EMI for every Rs 1 lakh of loan. With regard to a 15-year loan, the per lakh increase in EMI will be Rs 32, Rs 30 for a 10-year loan and Rs 28 for a 5-year loan.

As well as the change in rates affecting existing borrowers under floating rate options, the rise will also affect new borrowers. However, present borrowers under fixed rate loans will not be impacted.

The changes in rates will be effective in a staggered manner, HDFC customers will see a change between now and October 1st as reported by a company official. Under the increased rate structure, for new customers, HDFC will charge 10.75% yearly rate of interest on home loans of up to Rs 30 lakh, 11% on loans of above Rs 30 lakh and up to Rs 75 lakh, and 11.50% for loans of above Rs 75 lakh.



Compare Foreign Exchange and Currency >>

Compare Loan and Debt Products >>

Compare Cards Products >>

Compare Money Products >>

Compare Insurance Products >>

When the planning starts for that special day in everyone's lives , There is always the worry and stress of how much strain it is going to put on your financial situation . Marriage loans are helping lots of people to ease this stress.
08 August 2015
Which Way To Pay
Marriage loans have been introduced to help prepare for the expense you will incur when celebration the most special day of everyone's life.
As everyone wants that big day to be perfect , there is also a hefty cost that comes with it .
14 May 2015
Which Way To Pay
Marriage isn't a cheap affair that's why Marriage loans have proven so popular across India.
Everyone want the best education , But financially this can be a worry
07 October 2014
Which Way To Pay
Getting the best education is the main priority in most people's lifetime.