The RBI Repo Rate was increased by 25 basis points on February 8 by the Reserve Bank of India, causing many banks to raise interest rates on personal, auto, and home loans. As a result, banks like Bank of Baroda, PNB, and SBI raised loan interest rates.
It is essential to be fully aware of the interest rates and processing fees charged by each bank if you plan to obtain a home loan during this time. After that, you can choose a bank that gives loans with lower interest rates. The following is a list of the various interest rates charged by banks that provide home loans.
The Marginal Cost of Funds Based Lending Rates (MCLR) and the Repo Rate Linked Lending Rate have been raised by 0.10 percent and 0.25 percent, respectively, by State Bank of India (SBI). However, as part of a program, SBI offers loans with lower interest rates. The loan will be available at 8.85 percent with a CIBIL score of 800, 8.95 percent with a CIBIL score of 700-749, and 9.65 percent with a CIBIL score of 550-649.
A day before the RBI raised the repo rate, HDFC Bank increased the interest rates on its loans. A loan of up to Rs 30 lakh will result in interest rates of 9 percent to 9.50 percent. The interest rate for women ranges from 8.95 percent to 9.45 percent. The interest rate ranges from 9.25 percent to 9.75 percent for amounts greater than 30 lakhs and up to 75 lakhs, and it ranges from 9.20 percent to 9.70 percent for women.
For home loans up to Rs 30 lakh, Punjab National Bank’s Max Saver offers 8.80 percent interest at a CIBIL score of 800. The interest rate is 9 percent for a CIBIL score between 700 and 749, and 9.35 percent for a score between 600 and 699.
The MCLR rate at the Bank of Baroda has also recently gone up. The interest rates it charges on home loans range from 8.90 percent to 10.50 percent. The interest rates, on the other hand, range from 8.95 percent to 10.60 percent for non-salaried individuals.
