NEW DELHI: The retail prime lending rate for mortgage lender HDFC has increased by 25 basis points to a minimum of 9.20 percent. In a statement, HDFC stated, "With effect from March 1, HDFC has increased its Retail Prime Lending Rate (RPLR) on home loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points." The increase in lending rates will increase the cost of loans for consumers, both new and old.

But, according to HDFC, the special offer of 8.70% annually will be available until March 31, 2023 for clients who apply for loans and have credit scores of 760 or higher. 

Comparing interest rates for loans from HDFC, PNB, SBI, BOI, and BoB

Moreover, Punjab National Bank (PNB), the second-largest lender in the public sector, increased its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points for all tenures. The benchmark one-year MCLR, which is used to price the majority of consumer loans, including auto, personal, and house loans, has been increased from 8.4% to 8.5 percent. As of March 1, the Bank of India (BoI) increased the MCLR rate by up to 10 basis points. The benchmark one-year MCLR rate has been raised from the previous 8.4% to 8.5%.
The largest bank in the nation, State Bank of India (SBI), had already increased the MCLR by 10 basis points for all tenures. The revised prices became effective on February 15.

According to the SBI website, the bank raised its overnight lending rate, which is based on the marginal cost of funds, by 10 basis points to 7.95%, while raising the rate for one- and three-month maturities to 8.10%.

The bank had been charging 8.30% for a six-month loan prior to the hike, which is now 8.40%; 8.40% for a one-year loan before the rise is now 10 bps more expensive; 8.60% for a two-year loan; and 8.70% for a three-year loan following the 10 bps price increase.

Throughout all tenures, Bank of Baroda (BoB) raised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points.

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