HDFC has raised interest rates on home loans by 25 basis points across all slabs. The housing finance lender will charge 9.75% for loans below 30 lakh. Majority of the loans taken by individuals is for amount less than 30 lakh.
For loans between 30 lakh and 75 lakh, HDFC would charge individual borrowers 10% interest. Loans above 75 lakh will now bear an interest rate of 10.25%. All rates are on floating basis and the revised rates will be effective March 1, 2011.
This is the second time in a month that HDFC has revised its lending rates. The bank had last time revised its lending rate by 25 basis points on February 1. Following the revision in rates, HDFC's prime lending rate (PLR) will be 15.50%, a hike of 25 bps. However, individual borrowers are charged at rates below PLR while most builders, developers and corporates borrow at PLR, or at a spread above PLR.
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