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HDFC Bank Raises Home Loan Rate – Times of India

Banks have linked their floating home loan rate to the repo rate of the Reserve Bank of India, which surprised markets on Wednesday by raising rates to contain inflation

Indian inflation is likely to remain above a target band for three more quarters, according to a senior central bank official.
Reserve Bank of India (RBI) deputy governor Michael Patra said on Friday that core measures of inflation were showing signs of second-round effects which warranted monetary action. File photo: Reuters.


HDFC, India’s biggest housing finance institution, said on Saturday it would raise its retail prime lending rate on home loans by 30 basis points with effect from Monday, The Times of India reported, citing a stock exchange filing.

Almost all banks have linked their floating home loan rate to the Reserve Bank of India’s repo rate, the paper said. The central bank surprised markets on Wednesday by raising its main lending rate to contain rising inflation.

Read the full report: The Times of India



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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


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