HDFC Bank Raises Home Loan Interest Rates By 10-15 Basis Points

In March, HDFC Bank raised its repo-linked home loan interest rates by 10 to 15 basis points, now ranging from 9.05 per cent to 9.8 per cent. This adjustment was attributed to the merger of HDFC Bank and HDFC, effective from 1 July 2023. 

As per the bank's statement on its website, the change in the rate is in compliance with regulatory guidelines, shifting from RPLR to EBLR as the benchmark. Despite the repo linked lending rate being tied to the RBI's repo rate, which has remained at 6.50 per cent since April 2023, HDFC Bank made this adjustment based on EBLR post-merger.

Other leading private and public sector banks also offer home loans at varying interest rates. For instance, ICICI Bank's interest rates range from 9 per cent to 10.05 per cent, valid until March 2024. SBI's home loan interest rates span from 9.15 per cent to 10.05 per cent, while Axis Bank offers rates between 8.75 per cent to 9.65 per cent. Kotak Mahindra Bank starts its home loan interest rates at 8.70 per cent, as per the information provided on their respective websites.