DelhiDesk HDFC Bank has raised its Marginal Cost of Funds-based Lending Rate (MCLR) for various tenures, with the overnight rate going up to 7.95%. The increase in repo rate by the Reserve Bank of India (RBI) from May 2022 has made home loans costlier, and banks are continuously increasing lending rates, resulting in significantly higher Equated Monthly Installments (EMIs) for customers.
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👉 MCLR for overnight has gone up to 7.95 per cent.
👉 MCLR has become 8.10 percent for one month, 8.40 percent for three months, 8.80 percent for six months, 9.05 percent for one year, 9.10 percent for two years and 9.20 percent for three years.
👉 Home loans have become costlier after the increase in the repo rate of the Reserve Bank of India (RBI) from May 2022.
👉 Equated Monthly Installment (EMI) has already increased significantly before May 2022.
👉 Banks are continuously increasing lending rates.
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