ANI
09 Aug 2022, 11:25 GMT+10
New Delhi [India] August 9 (ANI): Housing finance company HDFC has increased its retail prime lending rate on housing loans by 25 basis points, it said in a regulatory filing to the exchanges late on Monday night.
The revision in interest rates would come into effect from today - Tuesday.
This development came close on the heels of the monetary policy committee of the Reserve Bank of India's move to raise the repo rate by 50 basis points to 5.40 per cent in order to contain the persistently high inflation.
The hike took the repo rate above pre-pandemic levels of 5.15 per cent. Raising interest typically suppresses demand in the economy, thereby helping inflation to decline.
Separately, the housing finance company last week announced the completion of the USD 1.1 billion syndicated social loan facility for the financing of affordable housing in India.
A syndicated loan is typically a substantial loan provided to a large borrower by several lenders together.
This transaction, the lender said, marked several meaningful milestones, including India's largest social financing issuance, the largest social loan globally, the first social external commercial borrowing loan out of India and the largest ECB loan deal from a housing finance company/ private NBFC in India.
Proceeds from the social loan would go towards financing affordable housing loans, the lender had said in a statement.
"Affordable housing is a critical component of quality infrastructure as also a growth driver for the real estate industry and the economy at large given its strong linkages to nearly 300 industries," said Deepak Parekh, Chairman, HDFC.
It also contributes to capital formation, employment, and income opportunities.
"A boost to affordable housing will play a significant role towards the 'Housing for All' objective of the government. The aspiration to own a home is inherent in every household.""In India, housing will play an important role as a catalyst for growth with increased demand for affordable housing. Combined with India's growth prospects, I have never been as optimistic about the affordable housing sector as I am today," Parekh added. (ANI)Get a daily dose of Breaking Property News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.
More InformationFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
Mumbai (Maharashtra) [India], June 30 (ANI): The top 7 cities recorded around 1,89,570 units sold between January and June 2025 --...
NAIROBI, July 4 (Xinhua) -- Chinese contractors are helping advance Kenya's construction sector by transferring technologies, the industry...
BERLIN, July 1 (Xinhua) -- Germany's housing market showed strong signs of recovery in the first quarter of 2025, with residential...
SEOUL, June 30 (Xinhua) -- South Korea's industrial output fell for the second successive month due to negative effects of U.S. tariffs...
Former Minnesota Gov. Arne Carlson- Republicans have become radical
Burcum- Im haunted by the Minnesota shooters uncanny police impersonation