HDFC Home Loan Interest Rate: Customers of the country’s largest private sector bank HDFC are going to get a shock. HDFC has revised the MCLR on some period loans.
The revision of the bank’s MCLR affects the EMI of all types of floating loans including home loans, personal loans and auto loans. When the MCLR increases, the loan interest increases and the EMI of existing customers increases. These new rates have come into effect from today, July 8, 2024. HDFC Bank’s marginal cost of funds-based lending rate MCLR benchmark is between 9.05% and 9.40%. The bank has increased the MCLR by up to 0.10 percent.
HDFC Bank New MCLR Rates
- HDFC Bank’s overnight MCLR has increased to 9.05% from 8.95%.
- One month MCLR has increased from 9 per cent to 9.10 per cent.
- The three-month MCLR has also been increased to 9.20 per cent from the previous 9.15 per cent.
- The six-month MCLR has increased from 9.30 per cent to 9.35 per cent.
- For a period of more than one year, the MCLR has increased from 9.30% to 9.40%. The MCLR for a period of one year is the rate linked to many types of loans.
- MCLR for period more than 2 years has increased from 9.30% to 9.40%.
- MCLR for period more than 3 years has increased from 9.35% to 9.40%.
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This is how MCLR is decided
While deciding the MCLR, many factors are taken into consideration which include deposit rate, repo rate, operational cost and cost of maintaining cash reserve ratio. Changes in the repo rate affect the MCLR rate. Changes in the MCLR affect the loan interest rate, which increases the EMI of the borrower.
EMI of auto loan, home loan and personal loan will increase
The increase and decrease in MCLR affects the interest rate of all types of loans including home loan, auto loan, personal loan. When MCLR increases, loan customers will have to pay more EMI than before. Customers taking new loans will get expensive loans.
