Housing Development Finance Corporation Limited (HDFC) announced on Saturday that it has raised its retail prime rate (RPLR) by 30 basis points, effective next week, Monday May 9, 2022.
“HDFC is increasing its Retail Prime Rate (RPLR) on home loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 30 basis points, effective May 9, 2022,” the statement said. financial services company in an exchange. deposit today.
Earlier this month, the mortgage lender raised its retail prime rate by 5 basis points (bps) which took effect on May 1, 2022.
HDFC offers an adjustable rate loan also known as a variable rate loan as well as a fixed rate loan in which the interest rate on the home loan remains fixed for a specific term (say the first two years of the total term of the loan) after which it converts to an adjustable rate loan, he said on the website.
For the quarter ended March 2022, the mortgage lender announced a 16% increase in its autonomous net income to ₹3700 crore in the March quarter 2022 compared to ₹3,180 crore in the period a year ago. The NII for the March quarter was ₹4,601 crore compared to ₹4,027 crores the previous year, a growth of 14%.
As of March 31, 2022, assets under management (AUM) amounted to ₹6.53 lakh crore against ₹5.69 lakh crore the previous year. On an AUM basis, individual loan portfolio growth was 17% and total AUM growth was 15%.