Housing Development Finance Corporation (HDFC), India's top mortgage lender, has hiked its retail prime lending rate on housing loans by 50 basis points (bps). The mortgage lender has hiked the rate with effect from Aug 1. The hike in retail lending rate reflects tight monetary conditions and is in line with the hike in key interest rate by Reserve Bank of India (RBI) and also in line with peers in the lending industry.
The Company’s profit after tax for the quarter ended June 30, 2011 has increased by 21.59% at Rs 844.53 crore as compared to Rs 694.59 crore for the quarter ended June 30, 2010. Its total Income has grown by 36.39% at Rs 3821.60 crore for the quarter under review from Rs 2801.95 crore for the quarter ended June 30, 2010.
