EMIs to hurt more as PNB, ICICI Bank, HDFC hike interest rates

Third hike by HDFC in a month, ICICI increase steepest at 30 basis points

Many lenders on Wednesday raised interest rates on loans, consequent to the repo rate hike by the Reserve Bank of India’s (RBI’s) monetary policy committee (MPC) in early May.

Housing Development Finance Corporation (HDFC) raised interest rates on its home loans again; this time by 5 basis points from June 1. It had raised rates by 30 basis points last month, post the hike in repo rate.

In a statement, the company said, “HDFC increases its retail prime lending rate (RPLR) on housing loans, on which its adjustable rate home loans (ARHL) are benchmarked, by 5 basis points. This is