After almost five years, HDFC today announced its new benchmark PLR as 16.35%. The variation in the benchmark PLR % at different time intervals between December 2013 till now, has been shown here.
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This is definitely going to affect all home loan customers from HDFC. If you are wondering to what extent, here is the graph depicting the existing and revised rates, as applied to different slabs.
Talking in terms of basis points (1 basis point =0.01%), we can say that mortgage rates for loans in the range of Rs. 30-75 lakhs and those above Rs. 75 lakhs have witnessed an increase of 20 basis points, while loans up to Rs. 30 lakhs have seen a 5 basis points increase.
The CEO of HDFC, Mr. Keki Mistry, talked about how this decision in PLR hike will help the bank to maintain the margin in the range of 2.2%-2.35%. He added that the bank is successful in maintaining this average figure for the past ten years.