Ever since the Reserve Bank of India (RBI) hiked repo rates by 90 basis points since May last year, banks have been offering various changes to their customers. This forced the customers to pay higher EMIs and since home loans are now even higher than before, every customer has started counting the offers offered by the banks. Home loan interest rates are even higher for borrowers with no salary or credit scores below 750. Now let’s see the loan details offered by each bank.
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SBI, India’s largest public lender, on June 15 raised the minimum interest rate on home loans to 7.55 percent. The lender has raised its External Benchmark Lending Rate (EPLR) from 7.05 per cent to a minimum of 7.55 per cent. In addition, SBI has increased the one-year MCLR rate from 7.20 percent to 7.40 percent. It has also improved the marginal cost of finance-based lending rates (MCLR) by 0.20 per cent.
India’s largest private lender HDFC Bank has also hiked the All Term Lending Rate (MCLR) from July 7. Overnight, one-month and three-month HDFC Bank MCLR rates increased by 20 basis points to 7.70. For the six-month and one-year periods, the MCLR rates have been raised to 7.90 percent and 8.05 percent, respectively. MCLR for HDFC Bank increased by 20 bps to 8.15 percent and 8.25 percent for two and three years respectively.
ICICI Bank offers home loans with reasonable interest rates for terms up to 30 years. Effective June 8, 2022, ICICI Bank has updated its External Benchmark Lending Rate (EPLR). EPLR refers to the RBI policy repo rate and is said to be a mark-up over the repo rate. Next Bank of Baroda offers maximum loan tenure of 30 years. The interest rate on home loan for non-employee members ranges from 7.45 percent to 8.80 percent. The interest rate applicable to employees is 7.45 percent.
Punjab National Bank has revised its Repo Linked Lending Rate (RLLR) to 7.40 per cent from September 6, 2022 and the one-year MCLR rate to 7.55 per cent. Axis Bank Home Loans Rs. 3,00,000 and includes many benefits like long-term attractive interest rates, easy application procedure, door-to-door service. The private lender offers a floating rate of 7.60 percent to 7.95 percent. Fixed rate of 12 percent per annum for salaried individuals and home loan. It varies from 7.70 percent to 8.05 percent annually for the self-employed. The current fixed rate for loans is 12 percent.
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