Mortgage lender HDFC has increased its home loan interest rates by 25 basis points, with effect from March 1, 2023. With the latest move, home loans at the housing finance company would now be available at a starting interest rate of 9.15%.
However, HDFC is currently running a special festive scheme for borrowers with credit score of 800 and above under which it will charge 8.85% on home loan sanctioned till March 31, 2023.
The current hike in rates makes HDFC one of the costliest banks to borrow from in the market. Several banks in the country, including SBI, ICICI Bank, Kotak Mahindra Bank and Punjab National Bank, have announced rate hikes after the RBI in February 2023.
The Reserve Bank of India on February 8, 2023, increased the repo rate by 25 basis points. The increase brings the repo rate, at which the central bank lends money to scheduled banks in India, to 6.50%.
