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Home Loan Interest Rate: Big news for crores of bank customers! EMI of car and home loan buyers will be affected

HDFC Home Loan Interest Rate: The country’s largest private sector bank HDFC has big news for its customers. HDFC has revised the MCLR on some term loans. The bank’s MCLR revision affects the EMI of all types of floating loans including home loans, personal loans and auto loans.

HDFC Home Loan Interest Rate: The country’s largest private sector bank HDFC has big news for customers. HDFC has revised the MCLR on loans of some periods. The revision of the bank’s MCLR affects the EMI of all types of floating loans including home loans, personal loans and auto loans. These new rates have come into effect from today, June 7, 2024. HDFC Bank’s marginal cost of funds-based lending rate MCLR benchmark is between 8.95% and 9.35%.

HDFC Bank New MCLR Rates

HDFC Bank’s overnight MCLR is 8.95 percent.

The MCLR for one month is 9 percent. There is no change in it.

The MCLR for three months will also remain at the previous 9.15 percent.

The MCLR for six months is 9.30 percent. There is no change in it.

The MCLR for a period of more than one year is 9.30 percent. There is no change in it.

The MCLR for a period of more than 2 years has been made 9.30 percent.

MCLR for a period of more than 3 years is 9.35 percent. There has been no change in this either.

This is how MCLR is decided

While deciding MCLR, many factors are taken into consideration, which include deposit rate, repo rate, operational cost and cost of maintaining cash reserve ratio. Changes in repo rate affect MCLR rate. Changes in MCLR affect the interest rate of the loan, due to which the EMI of the borrowers increases.

EMI of auto loan, home loan and personal loan will increase

The increase and decrease in MCLR affects the interest rate of all types of loans related to it including home loan, auto loan, personal loan. When MCLR increases, loan customers will have to pay more EMI than before. Customers taking new loan will get expensive loan.

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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