HDFC Home Loan Interest Rate: The country’s largest private sector bank HDFC has given a shock to its customers before Diwali. HDFC has increased the MCLR on loans of some periods. If you are planning to buy a car or a house before the festivals, then you will get a higher loan rate
HDFC Home Loan Interest Rate: The country’s largest private sector bank HDFC has given a shock to its customers before Diwali. HDFC has increased the MCLR on loans of some periods. If you are planning to buy a car or a house before the festivals, then you will get a loan expensive. That is, you will have to pay more interest on the loan than before. Apart from this, the EMI of monthly loan of those who already have a loan will increase. HDFC Bank has increased MCLR by 0.05 percent.
HDFC Bank has 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, 7 October 2024. HDFC Bank has increased MCLR by 0.05 percent on six months and three years periods. The benchmark marginal cost of funds-based lending rate MCLR is between 9.10% and 9.50%.
HDFC Bank New MCLR Rates
- HDFC Bank’s overnight MCLR is 9.10 percent.
- One month MCLR is 9.15 percent.
- Three month MCLR is 9.30 percent.
- Six month MCLR is 9.45 percent.
- One year MCLR is 9.45 percent.
- MCLR for a period of more than 2 years is 9.45 percent.
- MCLR for a period of more than 3 years is 9.50 percent.
How is MCLR decided?
While deciding MCLR, many factors are taken into consideration, including deposit rate, repo rate, operational cost and cost of maintaining cash reserve ratio. Changes in repo rate affect the MCLR rate. Changes in MCLR affect the interest rate of the loan, which increases the EMI of the borrowers.
Auto loan, home loan and personal loan rates 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.
