First Published Oct 1, 2022, 9:07 AM IST
LIC Housing Finance and HDFC Banks have hiked interest rates following the RBI hike in repo rate.
This will increase the amount of monthly EMI paid by home loan, auto loan and personal loan borrowers. A significant amount of monthly salary has to be spent on EMI.
The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points in its monetary policy meeting to curb inflation.
Through this, the interest rate increased to 5.90 percent. In the 3rd consecutive monetary policy meeting, the Reserve Bank increased the interest rate.
After the RBI hiked the repo rate, all banks and financial institutions are raising interest rates.
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LIC Housing Finance, which plays an important role in fulfilling the housing dream of the middle class, announced a 50 basis point hike in loan interest yesterday. The LIC Housing Prime Lending Rate (LHPLR) has been hiked by 50 basis points, LIC Housing Finance said.
Similarly, HDFC Bank has also announced an increase in loan interest rates yesterday.
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In a notification released by HDFC Bank, “HDFC Bank has increased its RBLR rate for home loans by 50 points. This new interest rate is effective from October 1. HDFC Bank has increased interest rate for the 7th time in the last 5 months.
HDFC, LIC Housing Finance companies have hiked interest rates on loans. In the coming days, the banks will raise their interest rates and make announcements.
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As a result, home loan, auto loan, personal loan borrowers will have to pay more EMI and will be in big trouble.
Last Updated Oct 1, 2022, 9:07 AM IST