Home Loan Rate Hike: If you are also planning to take a Bank Loan. So you need to take special care of some things. Now taking a loan is going to be costlier than before. Lending rates have been increased by the banks. Home loan rates and other rates have been increased from August 12 by public sector lender Canara Bank. At the same time, in the same month, the MCLR rate has also been increased by many big banks. These banks also include ICICI Bank, Bank of Baroda, Bank of India and HDFC Bank.

These banks changed the MCLR rates

The MCLR rate as per the enhanced interest rates of Canara Bank is 7.95%. The same 1 month MCLR is 8.05% and 6 months MCLR is 8.5%. The MCLR rates are 8.15% for 3 months and 8.7% for 1 year tenure. Please tell that from March 12, 2023 or after, this MCLR rate will be applicable only on new loans. Whenever the interest rate of the loan is increased by the bank. So its effect is equally on the customers taking new bank loans.

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have come into force. increased interest rates

Now they have to pay more EMI than before. HDFC Bank has increased the benchmark marginal cost of funds based lending rates by 15 basis points with effect from August 7 for select tenors. There has been no change in the MCLR rates for more than a year. Bank of Baroda has increased its benchmark lending rates by five basis points on various tenors. And the increased rates have also come into effect from 12th August.

Posted Date: August 17, 2023

Publish Date: August 17, 2023

Posted By Rahul Bhardwaj

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