HDFC’s home loan interest rate is dependent and decided based on Retail Prime Lending Rate (RPLR).
If the base rate changes due to changes in the interest rates in the economy, your rate will be affected. This base rate typically varies from lender to lender, and so does their nomenclature. HDFC calls it the RPLR — Retail Prime Lending Rate. ICICI Bank uses the term FRR — Floating Rate Reference.
HDFC follows a three month reset cycle for its floating rate loans and hence the change in RPLR will impact all the existing customers over the next three month period depending on their date of first disbursement.
The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option under the Adjustable Rate Home Loan.
Here is the Historical Data for HDFC Bank’s Base Rate and Benchmark Retail Prime Lending Rate
April 13, 2015 Base Rate: 9.85% Benchmark Prime Lending Rate: 18.35%
November 02, 2013 Base Rate: 10.00% Benchmark Prime Lending Rate: 18.50%
August 03, 2013 Base Rate: 9.80% Benchmark Prime Lending Rate: 18.30%
March 30, 2013 Base Rate: 9.60% Benchmark Prime Lending Rate: 18.10%
December 31, 2012 Base Rate: 9.70% Benchmark Prime Lending Rate: 18.20%
June 30, 2012 Base Rate: 9.80% Benchmark Prime Lending Rate: 18.30%
August 13, 2011 Base Rate: 10.00% Benchmark Prime Lending Rate: 18.50%
July 12, 2011 Base Rate: 9.50% Benchmark Prime Lending Rate: 18.00%
May 12, 2011 Base Rate: 9.25% Benchmark Prime Lending Rate: 17.75%
March 14, 2011 Base Rate: 8.70% Benchmark Prime Lending Rate: 17.25%
February 24, 2011 Base Rate: 8.20% Benchmark Prime Lending Rate: 16.75%
January 01, 2011 Base Rate: 7.75% Benchmark Prime Lending Rate: 16.25%
October 05, 2011 Base Rate: 7.50% Benchmark Prime Lending Rate: 16.00%
July 01, 2010 Base Rate: 7.25% Benchmark Prime Lending Rate: 15.75%
Graphical representation :
Top 8 reasons why you can choose HDFC for your home loan :
*Home Loan for Properties Across India :
Through any of its offices across India and abroad, you can purchase properties from their current location.
*Interest subsidy :
Most PSUs offer interest subsidy facility on loans their employees take from banks or FIs. HDFC considers this interest subsidy as part income and offer high loan amounts to you.
*Tailor-made easy EMI Schemes ;
Besides the regular EMI scheme, they also have step up, FLIP and other payment plans to help you choose repayment scheme which is just right for you.
*Loans on Alternate Securities :
In case, it can’t accept the funded property as security on the loan, it offers loan against an alternate security. Any other immovable property can be taken as alternate security subject to its legal and technical clearance. HDFC will retain the documents of the property as well as of the collateral security.
*ADD-ON Loans on a single property :
You can avail of a Home Loan, Home Extension Loan, Home Improvement Loan, Top up loan or Loan against Property subject to total exposure on the property not exceeding the limit ascertained by HDFC from time to time. No additional security required.
*Subvention and Flexi payment schemes with reputed developers :
These are the two attractive schemes –
In subvention schemes, the interest of the home loan is borne by the developer, for a specific period.
In Flexi-payment schemes, the developer offers you discount in some form.
*Easy Access :
- Door Step assistance is available by sales officers who provide complete information on the products.
- Can also apply on the mobile site. m.hdfc.com
- Complete online access to the home loan, where you can view all the related important information.
*Due-diligence of developer projects by the in house legal and technical team :
Developer projects are approved only after the due-diligence by the expert team, so that you can buy a legally sound property.
Hence, with the trends of rplr and the advantages you can make a wise decision regarding your home loan.