HDFC hikes rates but it won’t affect to Housing finance

Mumbai: Country’s leading money lending Bank HDFC has decided to hike its lending rates by 25 basis points (100 basis points= 1%) and it will be likely to be effective from Tuesday. Pursuing to rates hike by the two biggest money lenders such as SBI and ICCI. So HDFC is likely to hike it base rate from 9.25 to 9.5% and prime lending rate will be 18% from 17.75%.
Whereas these hikes will not be affected to the Housing loans as Bank will operate as an agent for its parent HDFC for housing loans.
However HDFC bank has increased their Fixed Deposit(FD) rate for a single tenure by 75 basis points. According to the officials for FDs of one year 16 days, the bank will pay 9.25%, up from 8.5% now.

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