HDFC hikes lending rates, home loan EMIs to go up

New Delhi : HDFC Bank on Tuesday hiked its lending rates in the range of 0.05 to 0.20 per cent due to rise in the cost of funds. The new lending rate will come to effect from April 1.

With new rates implemented a woman borrower will be able to get a loan at Rs 8.40 per cent, and for others it will be offered at 8.45 per cent. For an amount in the range of 30 to 75 lakh, 8.55 per cent is offered for women borrowers and 8.60 per cent for others. For loans above 75 lakhs, the interest rates have been kept at 8.65 per cent for women and 8.70 per cent for others.

Before HDFC, State Bank of India had announced a hike in base rate to 8.70% per annum. Allahabad Bank, however, cut down its base rate by 45 basis points to 9.15 percent, citing cost management initiatives.

ICICI Bank has also increased its MCLR to 8.30 percent. All these banks increased their policy rates before the monetary policy announcement. HDFC is the first one to increase its lending rate post monetary policy of RBI.