HDFC Increase Home Loan Rates

03 August 2011 - Which Way to Pay

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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.

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