HDFC has raised the key lending rate for home loans six times since May this year, with the previous hike being announced on August 1.
In April, HDFC Bank and its parent company Housing Development Finance Corporation (HDFC) got approvals from their respective boards for the proposed scheme of amalgamation.
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This is part of the proposed merger of HDFC Bank, the country's largest private sector bank by balance sheet, with its parent, mortgage lender Housing Development Finance Corporation Ltd.
The country’s largest mortgage lender by asset size said it has raised the amount by way of external commercial borrowings (ECBs).
The loan has been priced competitively at a margin of 90 bps over SOFR
Sharekhan is bullish on HDFC has recommended buy rating on the stock with a target price of Rs 3025 in its research report dated July 29, 2022.
Motilal Oswal is bullish on HDFC recommended buy rating on the stock with a target price of Rs 2830 in its research report dated July 30, 2022.
ICICI Direct is bullish on HDFC has recommended buy rating on the stock with a target price of Rs 2800 in its research report dated July 30, 2022.
The rates have been increased across all tenors under the marginal cost of funds-based lending rate (MCLR) system, a move that will make EMI expensive for those who availed loans benchmarked against MCLR.
HDFC reported a 22 percent rise in its standalone profit after tax to Rs 3,669 crore for the first quarter against the Rs 3,001 crore posted during the same period last year. Its individual loans on an assets under management (AUM) basis saw the highest growth in the last eight years.
Robust growth in the individual segment and lower credit costs bolster performance
Prabhudas Lilladher is bullish on HDFC has recommended buy rating on the stock with a target price of Rs 2900 in its research report dated July 29, 2022.
The rate hike comes ahead of the RBI’s Monetary Policy Committee (MPC) meeting later next week. It is widely expected that MPC would hike interest rates to tame high inflation.
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Details about HDFC’s loan exposure to Ansal were not provided. Details about HDFC’s loan exposure to Ansal were not provided.
Total premium rose 23 per cent to Rs 9,396 crore during the quarter from Rs 7,656 crore a year ago.