July 19, 2024

Housing Finance Development

It's Your Housing Finance Development

HDFC twins merger: Will HDFC Ltd borrower’s home loan EMIs, interest rate change?

HDFC Bank has sent an email, especially addressing HDFC Ltd customers welcoming them to the bank and reassuring them that nothing has really changed. Housing Development Finance Corporation (HDFC) and its subsidiary HDFC Bank merged on July 1, 2023, and as a result, shares of HDFC stopped trading on stock exchanges as of Thursday, July 13.According to the HDFC Bank mail to its customers, these are the things which remain unchanged and what is it that changes.What Remains the Same For you
• Your familiar way of doing business with us remains unchanged.
• The same friendly faces at HDFC Ltd branches are still there to serve you as before.
• Our digital platforms and IVR numbers will remain the same and will continue to ensure a seamless banking experience.
• Your documents and data will continue to be secure, just like before.

What Changes For You
• While much remains the same, this merger helps you to access us through a much bigger branch network.
• It provides you with a full spectrum of banking services like savings accounts, cards, loans, payment solutions, insurance & investments at your convenience.

Many customers of HDFC Ltd are unsure as to whether their interest rate or EMI would change following the merger. Here is a look at the merger’s impact, according to the HDFC Bank FAQs..

Due to this merger, will my EMI change for my ongoing loan?

The merger will not any have impact on your EMI; it will remain unchanged.

If the interest rate changes, will it continue to be linked to Retail Prime Lending Rate (RPLR)?

The applicable rate of interest to your account shall now be linked to EBLR (External Benchmark Lending Rate) instead of Retail Prime Lending Rate (RPLR). This is in compliance with the regulatory guidelines on floating rate of interest. On the day of the merger there will be no change in ROI and any changes in future will be based on EBLR.

What is the process pertaining to loan ROI conversion? What are the applicable charges?

There is no change in the process of loan ROI conversion, and you can avail the facility by visiting our HDFC Bank branches for Home Loans (erstwhile HDFC Ltd. Branches). You can also email us on [email protected]. For applicable charges, please refer to the website.

Can I walk into any HDFC Bank branch regarding the servicing of my loan?
As per existing process all servicing of Home Loans is already enabled thru our Customer Portal. So, you can continue to access the Customer Portal for any services related to your Home Loans even after the merger.

If you walk-in to any of our HDFC Bank Branch, our staff will help you to connect to the customer portal thru a link or a QR code. However, if your query or request is not resolved via the Customer Service Portal, our branch staff will help you formally log the query or request in the system. You will then receive due intimation about the time for resolution of the query or request. Post which your query or request will be serviced.