HDFC Bank has hiked its interest rate on home loans a few hours after the increase in repo rate by RBI. The largest bank in the private sector has implemented hiked interest rate on home loans from 1 May 2022. The EMI of home loans will be increased from May 2022. The Home loan borrower will have to pay extra money.
HDFC has increased its interest rate by 0.5%
HDFC Bank has increased its interest rate by 0.5% in its Retail Prime Lending Rate (RPLR). This new interest rate was implemented on 1 May 2022. Bank had declared that the interest rate will be increased for the applicants who applied for the adjustable home loan scheme.
RBI has increased the repo rate by 0.4%
The Reserve Bank of India ( RBI ) has increased the repo rate. The repo rate has increased by 0.4%. It has been decided that the Home loan and car loan interest rates will be increased. Now the new repo rate is 4.40%.
The Repo rate was increased by RBI to control the inflation
The honorable Governor of RBI Sri Sashikant Das has suddenly held a press conference. Honorable Governor Sri Das has said that the repo rate increased by 0.40%. The Central Bank Monetary Policy Committee met to discuss the state of the economy. In this meeting members of MPC have decided unanimously to increase the repo rate by 0.4%.
MPC has taken this decision for uncontrol inflation.