Wednesday, April 17, 2024
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Home Loan Hike: Big news for bank customers, bank increased interest rates on home loan, see new rates

HDFC bank home loan interest rate: Before the start of the new financial year, the bank has decided to increase the interest rates on home loans to the customers. HDFC Bank has increased the interest rates on its repo-linked home loans by 10-15 basis points.

HDFC Bank Home Loan: HDFC Bank, the largest private sector bank, has given a big shock to the customers. Before the start of the new financial year, the bank has decided to increase the interest rates on home loans to the customers. HDFC Bank has increased the interest rates on its repo-linked home loans by 10-15 basis points. After this increase, loan rates have come in the range of 8.70 to 9.8 percent.

According to the information received from the bank’s website, this change in home loan rates has happened due to the merger of HDFC Bank and HDFC and now it will not be linked to the Retail Prime Lending Rate (RPLR).

Bank issued FAQ

According to the FAQ issued by the bank, the interest rate applicable on your account will 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 interest rates. There will be no change in ROI after the merger and any future changes will be based on EBLR. The bank has clarified that the new repo linked interest rate is applicable to new customers. Old customers can continue RPLR.

What are repo rates?

External benchmark lending rates are linked to the RBI repo rate. At present the current repo rate is 6.50 percent. Repo rate is the interest rate at which the central bank of India i.e. Reserve Bank of India (RBI) gives loans to commercial banks. On this basis, the EMI of the loan takers is decided.

What are the home loan rates in other banks?

Home loan rates in ICICI Bank range between 9 percent to 10.05 percent. Home loan rates of State Bank of India range from 9.15 percent to a maximum of 10.05 percent. On the other hand, Axis Bank is giving home loan to its customers at the rate of 8.75 to 9.65 percent. At the same time, Kotak Mahindra Bank is giving loan to customers at the rate of 8.70 percent.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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