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HDFC Bank hikes home loan interest rates by 10-15 bps upto 9.8%: Complete details here
The bank said that the change in the rate is due to the merger of HDFC Bank and HDFC on July 1, 2023.
HDFC Bank increased its repo-linked home loan interest rates by 10-15 basis points to a range between 9.05 percent to 9.8 percent in March. The bank said that the change in the rate is due to the merger of HDFC Bank and HDFC on July 1, 2023. The bank said on its website, “The applicable rate of interest to a customer’s account shall now be linked to EBLR (external benchmark lending rate) instead of RPLR. This is in compliance with the regulatory guidelines on floating rate of interest. On the day of the merger there will be no change in rate of interest (ROI) and any changes in future will be based on EBLR."
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Although repo-linked lending rate is tied to the Reserve Bank of India’s (RBI) repo rate. The central bank has been kept the repo rate unchanged at 6.50 per cent since April 2023.
What about other banks?
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Other major private and public sector banks also offer home loans at interest rates ranging from 8.70 per cent to 10.05 per cent. ICICI Bank offers interest rates for home loans with range from 9 per cent to 10.05 per cent- valid till March 2024, as per its website.
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Home loan interest rates for State Bank of India (SBI) ranges from 9.15 per cent to 10.05 per cent while Axis Bank’s interest rates on home loans are between 8.75 per cent to 9.65 per cent, as per their websites. Kotak Mahindra Bank’s interest rates on home loans starts at 8.70 per cent, it noted on its website.
