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HDFC raises prime lending rate by up to 20 basis points; first hike since 2013

The country's largest mortgage financier is the latest to hike its lending rates - following the footsteps of the commercial banks, private and state-owned alike, Housing Development Finance Corp (HDFC) today upped its rates by up to 0.20%. This is reportedly the first time it has increased its retail prime lending rate (RPLR) since 2013, further proving that interest rates are now on an upward trajectory after its long easing cycle.

According to an official statement from the company, the increase in RPLR, on which it benchmarks the Adjustable Rate Home Loan, is effective from April 1. The company spokesperson added that the rate hike is progressive, pegged to the loan size. So the RPLR has gone up just 5 basis points or 0.05% on low-ticket size loans, including the priority sector loans. Loans of under Rs 30 lakh will now be available at 8.45% (8.40% for female borrowers); loans between Rs 30 lakh and Rs 75 lakh will be available at 8.60% and those above Rs 75 lakh will be available at 8.70%.