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HDFC Hikes Home Loan Rates: Expensive EMI hit! HDFC loans costlier, know how much EMI increased

HDFC Hikes Home Loan Rates: There is bad news for those who buy homes by taking home loans. The country’s largest housing finance company HDFC Limited has decided to increase its lending rate by 35 basis points i.e. 0.35 percent. The increase in interest rates will come into effect from 20 December 2022 i.e. from tomorrow. With this, HDFC’s home loan has become expensive, so the EMI of those who have already taken home loan will become more expensive. HDFC’s home loan interest rate starts from 8.20 per cent. But with this increase, the new rate can be at least 8.55 percent.

Interest rates increased for the 8th time in 8 months

In the last 8 months, HDFC has decided to increase the interest rates for the 8th time. HDFC said in its statement, “HDFC has decided to increase its Retail Prime Lending Rate (RPLR) on housing loans. Adjustable Rate Home Loan (ARHL) has been increased by 35 basis points.

Home loan of Rs 20 lakh

At present, the EMI for a home loan of Rs 20 lakh for 20 years at 8.65 per cent interest rate was Rs 17,547. But the new home loan rate will be 9 per cent, after which an EMI of Rs 17,995 will have to be paid.

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Home loan of Rs 30 lakh

If you have taken a home loan of Rs 30 lakh for 15 years, on which you have to pay EMI of Rs 29983 at the rate of 8.75%. But after increasing the interest rates of HDFC, the new rates will be 9.10 per cent and the EMI will have to be paid at Rs 30,607.

Other banks may also increase the interest rate soon

After increasing the repo rate of RBI, one after the other, from banks to housing finance companies are increasing the interest rates. After SBI, now HDFC has also increased the home loan interest rates. It is believed that other banks can also increase.

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