Business

RBI raised the benchmark Repo rate by 25 basis points to 6.50 per cent, mortgage lender HDFC

A day after the Reserve Bank of India (RBI) raised the benchmark Repo rate by 25 basis points to 6.50 per cent, mortgage lender HDFC on Thursday hiked interest rates on home loans by 20 basis points, making loans costlier for its customers.

As per the new rates, women borrowers can avail a home loan of up to Rs 30 lakh at 8.70 per cent while other customers will be charged a rate of 8.75 per cent. New rates will be effective from August 1. For loans above Rs 30 lakh, women borrowers will be charged at 8.80 per cent while other borrowers will be charged a rate of 8.85 per cent.

Union Bank of India, Kotak Mahindra Bank and Karnataka Bank increased their MCLR by 5-10 basis points on Wednesday. On July 31, SBI had raised the term deposit rates on select maturities by 5-10 basis points. Union Bank raised its one-year MCLR by 10 bps to 8.55 per cent while Kotak Mahindra raised its one-month and three-month rates by 5 bps to 8.20 per cent and 8.55 per cent respectively.

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