During regulatory filing, the bank officials said “The housing loan’s retail prime lending rate is increased by 35 bps to 8.65 % onwards.”
Since May, HDFC has increased its lending potential by 225 basis points.
At present, the repo rate is around 6.25% which is similar to the pre-pandemic time.
HDFC Bank clarified that “the new rate of 8.65% will be applicable for borrowers with a credit score of around 800 or more. And this is the lowest assigned rate in the industry at present.”
The SBI bank’s lowest lending rate is the leading market rate and it makes the home loan AUM of over Rs. 6 lakh crore. It provides a rate of 8.75% for the ones who have credit scores of 750 plus. This rate is especially decided as an ongoing festival offer and it will end on January 31, 2023. However, the SBI bank’s usual rate is 8.90% for the ones with a credit score of 800 plus.
Whereas, the festival offer rate provided by the ICICI bank is 8.75% for those with a credit score of 750 plus. And this offer ends on December 31, 2022. The usual rate of ICICI Bank is 8.95% onwards.
