Home Loan Interest Rates: HDFC, ICICI and Punjab National Bank have raised interest rates on home loans. HDFC Bank has increased its benchmark lending rate by 0.05%. This will increase the EMI of new and existing customers. This is the third increase in retail prime lending rate (RPLR) by the largest private bank in 30 days. Earlier, interest rates were raised by 0.35%.
Implement the new change
HDFC is raising the retail prime lending rate on housing loans by 0.05%, according to a statement issued by the bank. This change is effective June 1, 2022. On the other hand, private ICICI Bank and state-owned Punjab National Bank have increased the marginal cost lending rate (MCLR).
PNB has increased so much.
Punjab National Bank has increased MCLR by 0.15%. According to the PNB website, the rate hike will take effect from June 1.
ICICI increased so much.
ICICI has also reviewed the nominal cost of a fund-based lending rate. The new rates are effective June 1, 2022, according to the bank’s website. At the same time Bank of India has also increased MCLR. Explain that MCLR is the minimum interest rate. On which the bank can lend. This is a system that is decided by the Reserve Bank. Which banks use to set interest rates on loans. The meeting of the RBI’s Monetary Policy Committee will begin on June 6.