HDFC Ltd raised its benchmark lending rate by 5 basis points (bps) on Wednesday, making loans more expensive for both existing and new borrowers.

HDFC has raised its rates three times in the last month. "With effect from June 1, 2022, HDFC increases its Retail Prime Lending Rate (RPLR) on home loans, against which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points," the housing finance giant said in a statement.

For new borrowers, the revised rates range from 7.05 percent to 7.50 percent, depending on credit score and loan amount. Currently, the range is 7 percent to 7.45 percent. Existing customers' rates would increase by 5 basis points, or 0.5 percent. (0.05 percent). HDFC boosted its benchmark lending rate by 35 basis points last month, making existing customers' EMIs more expensive.

For existing customers, HDFC uses a three-month cycle to re-price their loans. So, the loans will be revised to reflect the increased lending rate based on the date of each customer's first disbursement.

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