Taking loans from these banks, including HDFC, become more expensive, find out how much your EMI will cost
After the Reserve Bank of India (RBI) raised the repo rate, many banks raised their loan interest rates. HDFC, which has increased its Retail Prime Lending Rate (RPLR) on housing loans with effect from June 10, 2022, is the next in line. Its Adjustable Rate Home Loan (ARHL) was benchmarked by 50 basis points in this regard. Customers who take out an HDFC house loan will now have to pay a higher EMI.
Actually, India’s central bank RBI has once again increased the rates of the report, which will affect the common people. This will have a direct impact on the loans taken by the customers. Many banks have increased their rates on home loans after the repo rate hiked by RBI. After the current hike, the overall hike in the repo rate has been 0.9%. Banks and housing finance companies have also started increasing their loan interest rates due to the rate hike by the central bank. This is the second time the RBI has hiked rates in 36 days. Let us know which other banks have increased their rates on home loans.
Bank Of Baroda:
Bank of Baroda interest rates on various loans linked to Baroda Repo Linked Lending Rate (BRLLR) will be effective from June 9, 2022. As per the website the applicable BRLLR for retail loan is 7.40%.
The Repo Linked Lending Rate (RLLR) of Punjab National Bank as on date will be 7.40% with effect from June 9, 2022.
Bank of India:
Bank of India has also revised the rates. According to the website, RBLR with effect from June 08, 2022 is 7.75% as per the revised repo rate of 4.90%.
With effect from June 8, 2022, ICICI Bank has modified its External Benchmark Lending Rate. The country’s second largest private bank, ICICI Bank, has upped its lending rate, or interest rates on loans, according to the ICICI Bank website. It has been raised by 50 basis points to 8.60 percent by the bank. Previously, it was 8.10 percent.
What is the expected rise in your EMI?
The repo rate has increased by 0.9 percent as a result of the recent hike. Because of the central bank’s rate hike, lenders such as banks and housing finance businesses will raise their lending rates, which means your EMIs will rise. If you owe Rs 30 lakh and have a 20-year balance tenor at 7% annual interest, you might have to pay an extra Rs 55 for every Rs 1 lakh loan EMI.