HDFC Home Loan Interest Rate: The country’s largest private sector bank HDFC has given a shock to its customers after Diwali. HDFC has increased the MCLR on loans for some periods.
If you are planning to buy a car or a house, then you will get a higher loan. That is, you will have to pay more interest on the loan than before. Apart from this, those who already have a loan, their monthly loan EMI will increase. HDFC Bank has increased the MCLR by 0.05 percent.
HDFC Bank revised MCLR
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, November 7, 2024. HDFC Bank has increased the MCLR by 0.05 percent on six-month and three-year periods. The benchmark marginal cost of funds-based lending rate MCLR is between 9.15% and 9.50%.
HDFC Bank New MCLR Rates
- HDFC Bank’s overnight MCLR has increased from 9.10 per cent to 9.15 per cent.
- One month MCLR has increased from 9.15 per cent to 9.20 per cent.
- The three-month MCLR is 9.30 percent. There has been no change in this.
- The six-month MCLR is 9.45%. There has been no change in this.
- The one-year MCLR is 9.45%. There has been no change in this.
- For tenures above 2 years, the MCLR is 9.45%. There has been no change in this.
- For tenures above 3 years, the MCLR is 9.50%. There has been no change in this.
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.
The rates 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.
