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Home loans major HDFC Ltd has raised its retail prime lending rate by 50 basis points to 16.5 per cent, with effect from August 1, 2011.
This hike is in line with interest rates in the economy, which have hardened due to increase in policy rates by 75 basis points since June 2011, said a HDFC press release.
Following the revision in the RPLR the revised interest rates on floating rate home loans up to Rs 30 lakh will be 10.75 per cent; for Rs 30-75 lakh loans the rate will be 11 per cent and on loans above Rs 75 lakh the rate will be 11.5 per cent, said a spokesperson from HDFC.
Since March 2010, the Reserve Bank of India has tightened policy rates 11 times.
Rough, back-of-the envelope calculations show that for a Rs 10-lakh home loan taken from a primary lending institution for 15 years, the EMI will go up by Rs 300.
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