On February 8, the Reserve Bank of India raised the RBI Repo Rate by 25 basis points, which caused many banks to raise the interest rates on personal, car, and home loans. Banks like Bank of Baroda, PNB, and SBI raised their loan interest rates as a result.
If you plan on taking a home loan during this period, it is crucial to be fully aware of the interest rates and processing costs charged by each bank. You can then pick a bank that offers loans at a lower interest rate. The interest rates charged by the various banks that offer house loans are listed down below.
State Bank of India (SBI) has increased the Marginal Cost of Funds Based Lending Rates (MCLR) by 0.10 percent and the Repo Rate Linked Lending Rate by 0.25 percent. However, SBI is providing loans at lower interest rates under a scheme. If the CIBIL score is 800, the loan will be available at 8.85 percent, 8.95 percent on a CIBIL score of 700-749, and 9.65 percent on a CIBIL score of 550-649.
HDFC Bank has made its loan interest rates costlier a day before the RBI increased the repo rate. If someone takes a loan up to Rs 30 lakh, they will have to pay 9 percent to 9.50 percent interest. For women, the interest rate is between 8.95 percent to 9.45 percent. For amounts above 30 lakhs and up to 75 lakhs, the interest rate ranges from 9.25 percent to 9.75 percent, and for women, it ranges from 9.20 percent to 9.70 percent.
Punjab National Bank's Max Saver offers home loans at 8.80 percent interest on an amount up to Rs 30 lakh if the CIBIL score is 800. For a CIBIL score of 700-749, the interest rate is 9 percent, and for a score of 600-699, the interest rate is 9.35 percent.
Bank of Baroda has also recently increased its MCLR rate. Its home loan interest rates start from 8.90 percent and go up to 10.50 percent. However, the interest rates for non-salaried individuals range from 8.95 percent to 10.60 percent.
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