Indiabulls Housing Finance, one of the leading mortgage lenders in the country has hiked the interest rate on its loans by as much as 0.25 per cent, effective August 6. This move follows the decision of the RBI to increase its repo rate to 6.50 per cent recently.
While the lender has increased the interest rate by 0.20 per cent for women borrowers, male borrowers will have to pay 0.25 per cent more than the old rates.
A number of banks have changed their lending rates following RBI’s decision to hike its repo rate. HDFC recently increased its interest rates by 20 basis points.
Following this hike in interest rates, the interest rate will start at 8.70 per cent for female borrowers (loans under Rs.35 lakh), with the interest rate for loans exceeding Rs.35 lakh starting at 8.80 per cent (for female borrowers). Male borrowers will pay an additional 0.05 per cent on their loans.
In addition to changing the interest rate, the company also increased its lowest slab to Rs.35 lakh from Rs.30 lakh.
Sources: NDTV Profit, The Hindu BusinessLine