These banks have increased the rate of home loans, now with an increase of 0.40 and 0.50 per cent, consumers will have to borrow more.

Home loans from State Bank of India and HDFC have become more expensive. While SBI has hiked home loans by 0.40 per cent, HDFC has hiked interest rates on home loans by 0.50 per cent. Currently, SBI’s home loans linked to EBLR have become more expensive. The bank has informed the customers about this. HDFC had earlier raised 0.30 per cent in April.

ICICI Bank and PNB also increased MCLR
Public sector Punjab National Bank and private sector ICICI Bank have also increased their MCLR rates. PNB has increased the MCLR by 0.15 per cent, while ICICI Bank has increased the percentage in the MCLR. The new rates are effective June 1, 2022. Naturally, the increase in rates by both these banks will make loans more expensive and will have an impact on EMI as well.

PNB said in a statement to the stock exchanges that the MCLR rate hike has been in effect since June 1. The decision to increase the interest rates charged by PNB on loans comes after the Reserve Bank of India (RBI) took steps to increase the repo rate. The Reserve Bank had earlier in May announced an increase in the repo rate from 0.40 per cent to 4.40 per cent.

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