The Reserve Bank of India (RBI) in its Monetary Policy Committee (MPC) meeting in June raised the repo rate by 50 basis points to 4.9 per cent. This had an impact on the retail loan segment, prompting new and existing loan borrowers to pay higher EMIs. Home loans are now more expensive as a result of an increase in the benchmark interest rate, and rates are often significantly higher for borrowers without a salary or with a credit score of less than 750. The repo linked loan rate (RLLR) and marginal cost of funds based lending rate (MCLR) hike continues even after a month’s meetings of the MPC. As a result, it is currently difficult to get home loans at affordable interest rates. However, let us examine the home loan rates offered by the largest lenders in our country.
BoB Home Loan Interest Rates
Bank of Baroda (BoB) accepts home loan applications from Indian residents who are at least 21 years of age. Additionally, Non-Resident Indians (NRIs) with Indian passports, Persons of Indian Origin (PIOs) with foreign passports and Overseas Citizens of India (OCIs) with foreign passports are eligible. The bank has set a maximum age limit of 70 years for the borrowers who want to get the loan, and the maximum loan tenure is 30 years. The effective interest rate on home loans for non-staff members ranges from 7.45 per cent to 8.80 per cent. Whereas the interest rate applicable to staff members (public scheme) is 7.45 percent.
see full image
SBI Home Loan Interest Rates
The minimum interest rate for home loans was increased to 7.55 per cent on June 15, 2022 by our country’s largest lender SBI. On the bank’s website, it said the lender has also increased its external benchmark-based lending rate (EBLR) from 7.05 per cent to a minimum of 7.55 per cent. With effect from June 15, 2022, SBI has increased the benchmark one-year MCLR rate from 7.20 per cent to 7.40 per cent and updated the marginal cost of funds-based lending rates (MCLR) to 0.20 per cent.
_1657193105741.jpeg "SBI Home Loan Interest Rates")
see full image
ICICI Bank Home Loan Interest Rates
Home loans are available from ICICI Bank with reasonable interest rates for tenures up to 30 years. Through ICICI Bank Express Home Loan, a self-service digital platform for existing as well as non-ICICI Bank customers, borrowers can get digital approval for home loans. With effect from June 8, 2022, ICICI Bank updated its External Benchmark Lending Rate (EBLR). “ICICI Bank External Benchmark Lending Rate” (I-EBLR) refers to the RBI Policy Repo Rate with Mark-up on Repo Rate. The i-EBLR is 8.60% ppm with effect from June 8, 2022,” the bank mentioned on its website.
see full image
HDFC Bank Home Loan Interest Rates
The marginal cost of lending rate, or MCLR, has been increased by HDFC Bank across all tenors, and the new MCLR rates are effective from Thursday, July 7. Overnight, the one-month and three-month HDFC Bank MCLR rates rose 20 basis points to 7.70%, 7.75% and 7.80%, respectively. HDFC Bank’s MCLR rates for the tenure of six months and one year have increased by 20 bps to 7.90% and 8.05% respectively. The MCLR for HDFC Bank for two and three years has increased by 20 bps to 8.15 per cent and 8.25 per cent respectively.
see full image
PNB Home Loan Interest Rates
The repo linked lending rate (RLLR) is now 7.40 per cent from September 6, 2022, and the one-year MCLR rate in PNB is 7.55 per cent. The home loan interest rates are as follows.
see full image
Axis Bank Home Loan Interest Rates
Home loan from Axis Bank starts from Rs. 3,00,000 and longer tenure, attractive interest rates, a simple application process, doorstep service, etc. No prepayment charges as well as floating and fixed interest rates are allowed by Axis Bank for the home loan. The bank offers a floating rate of 7.60 per cent to 7.95 per cent per annum for salaried individuals and a fixed rate of 12 per cent for home loans. The floating rate for self-employed individuals ranges from 7.70 per cent to 8.05 per cent per annum. And the current fixed rate for the loan is 12 percent.
see full image