Properties for Sale in Benchmark Benchmark Sunshine

Days after public lender State Bank of India hiked its base rate and benchmark prime lending rate (BPLR) by five basis points each, India's largest mortgage banker HDFC Ltd has implemented a 20-basis-point increase in its retail prime lending rate (RPLR). This is for the first time since December 2013 that HDFC has hiked RPLR.

Even as rivals continue to be reluctant about adopting external benchmarks for setting lending rates, American lender Citi has launched the country's first market benchmark rate-linked lending product. The bank has introduced a home-loan product that will be linked to the rate of treasury bills, which is used by the government for its short-term borrowings. Old customers of the bank will also be able to enjoy the benefits offered by this new product. They will not have to pay any additional cost for making the switch.

After implementing a 20-basis point increase in its marginal cost of funds-based lending rates last month, State Bank of India has hiked its base rate and benchmark prime lending rates (BPLR), too ─ each by five basis points. In March, the public lender raised the MCLR rates from 7.95 per cent to 8.15 per cent. Now, it has increased its base rate from 8.65 per cent to 8.70 per cent. The hike in base rate means the cost of loan for existing borrowers who have not yet switched to the new lending benchmark is going to increase.

Delhi's Indira Gandhi International Airport is now among the top 20 busiest airports in the world with a yearly traffic of 63 million. To keep up with the growing footfall and serve the flyers better Delhi International Airport Ltd is planning to expand the existing terminals. Also, the Delhi Metro will be expanding its services to the Terminal 1 through the Magenta Line which would be fully operational by the end of April.

If you bought your home before April 2016 with the help of home loan, here is good news for you. In a directive issued on February 8, the Reserve Bank of India has asked financial institutions to link the old home loans with the marginal cost of funds-based lending rates. It was on April 1, 2016, that the new lending benchmark was launched by the Reserve Bank. Prior to that, home loans were linked with the base rate. The MCLR regime is more in line with the policy changes implemented by the RBI from time to time, unlike the previous base rate regime.