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HDFC raises lending rate by 0.50%

HDFC raises lending rate by 0.50%
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First Published: Sun, May 15 2011. 10 59 AM IST
Updated: Sun, May 15 2011. 10 59 AM IST
Mumbai: India’s oldest mortgage lender Housing Development Finance Corporation (HDFC) raised its lending rate by 0.50%, “in line with the increase in interest rates in the economy.”
Following the rate hike, effective 16 May, HDFC’s retail prime lending rate, reserved for its customers, stands at 10.25% for loans up to Rs30 lakh, 10.50% for loans between Rs30 lakh to Rs75 lakh and 11% for above Rs75 lakh, HDFC said in a statement.
Most banks have raised their lending rates by 0.50% in response to the policy rate hike by the Reserve Bank of India (RBI) on 3 May by a similar amount. However, State Bank of India (SBI), country’s largest lender and presently running the largest home loan portfolio, has raised its lending rate by 0.75%.
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First Published: Sun, May 15 2011. 10 59 AM IST