HDFC raises retail lending rate by 50 bps

MUMBAI: Housing Development Finance Corp , India's top mortgage lender, said it had raised its retail prime lending rate on housing loans by 50 basis points with effect from Aug 1.

"This is in line with interest rates in the economy, which have hardened due to increase in policy rates by 75 basis points since June 2011," the company said in a statement.

The central bank had raised interest rates by 50 basis points last week, in a battle to fight persistently high inflation.

Source: EconomicTimes