This is the second time HDFC Bank has increased its home loan rates. Last increase was in the last month itself, not even four weeks back, the mortgage finance company has yet again revised its benchmark rates.
HDFC is increasing its retail prime lending rate (RPLR) on housing loans by 25 basis points (bps). In February 2011, HDFC had raised its RPLR by 25 bps to 15.25%.
The total increase in HDFCs RPLR, from April 2010 to February 2011 is 175 bps as compared to 175 – 200 bps rise in the banking and financial system. Though for the new borrowers, HDFC has maintained the rate at 9.75%, 10% and 10.25% for loans up to Rs 30 lakh, Rs 30 to Rs 75 lakh and Rs 75 lakh.
There are different takes on the market liquidity. Some believe that liquidity is expected to increase following increased government spending. Plus the fact that since the government borrowing for the next fiscal is lower than expected, it is hoped that the pressure on interest rates would subside. Whereas there are others who feel that nothing has changed in terms of external circumstances.
Increase in oil prices pushes inflation or an increase in government borrowing to fund the oil subsidy. In any scenario interest rates are bound to increase.
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