Diabytes
Home loan rates News
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The bank has increased the mark-up by 10 bps from the existing level of 2.75 percent to 2.85 percent.
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HDFC Bank hikes home loan interest rates.
The rate is hiked by 10 to 15 basis points.
RBI's repo rate has remained steady at 6.50 percent.
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As you know, changes in MCLR and RLLR have a direct impact on the loan rates. As a result, these adjustments alter the Equated Monthly Installments (EMIs) of borrowers.
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Bank of Baroda also reduced its MSME loan interest rates starting at 8.4 per cent. Both offers were effective from March 5, 2023, and are valid for a limited period till March 31, 2023.
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With this offer, customers can get an HDFC Home Loan starting at 6.70 percent from September 20 onwards.
This is a close-ended scheme and will be valid till October 31, 2021, the lender said.
Besides HDFC Bank, other banks including State Bank of India (SBI), Bank of Baroda, Kotak Mahindra, and PNB had cut down home loan rates.
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The rate war also comes on the back of continuous prodding by the monetary authority which has slashed the repo rates by a whopping 200 bps since March 2020 to 4 percent to help revive the economy ravaged by the pandemic, but still, credit demand remains under 6 percent.
According to the RBI data, home loan growth decelerated in FY21 due to the pandemic, though the decline in fact began in March 2020.
Unlike personal loans, housing loans involve collateral. In case of default, banks can seize the asset and auction it off.
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Most of us dream to own a property, but lack of requisite amount leaves us with no choice but to go for a bank loan.
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State-run Bank of Baroda on Monday reduced home loan rates by 70 basis points to the industry's lowest level of 8.35 percent that will be applicable for customers having a strong Cibil scores.
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RBI's move to lower loan-to-value ratios and risk weights for individual housing loans can help bring down interest rates on home loans by another 25-30 basis points over the next few months, says a report.
The product, christened 'Women Power', offers the differentiated rate of interest for women borrowers, as against 9.90 percent charged for other borrowers, HDFC said.
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