Loans get more expensive as banks hike interest rates

by Jun 1, 2022Business0 comments

The country’s largest mortgage lender, HDFC Ltd, increased its prime retail lending rate by 5 basis points or 0.05 percent effective Wednesday.

Major private sector and government-run lenders, including Punjab National Bank, ICICI Bank, and mortgage lender HDFC, have increased their lending rates that will make a home, auto, and other loans costlier.

ICICI Bank has increased its lending rates by 0.30 percent or 30 basis points across all tenures. Government-run Punjab National Bank (PNB) on Wednesday raised its lending rate based on marginal cost of funds by 15 basis points or 0.15 percent across all tenures. The new rates are effective June 1.

“The Exchange is hereby informed that the marginal cost of funds-based lending rate (MCLR) effective 01.06.2022 has been revised,” PNB said in a regulatory filing to the exchanges.

The country’s largest mortgage lender, HDFC Ltd, increased its retail prime lending rate by 5 basis points or 0.05 percent effective Wednesday.

“HDFC increases its retail prime lending rate (RPLR) on home loans, on which its adjustable-rate mortgage loans (ARHLs) are benchmarked, by 5 basis points, effective June 1, 2022,” HDFC Ltd said in a statement.

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