HDFC Home Loan Interest Rate : The country’s largest private sector bank HDFC has shocked the customers. HDFC Bank has increased MCLR even before the announcement on RBI’s repo rate. Let us know in details>>>>
HDFC has increased MCLR by 0.05 percent on certain tenure loans. By increasing the MCLR of the bank, the EMI of all types of floating loans including home loan, personal loan and auto loan increases. These new rates have come into effect from today, December 7, 2023.
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HDFC Bank New MCLR Rates
HDFC Bank’s overnight MCLR has been increased by 5 bps from 8.65 percent to 8.70 percent.
One month MCLR has been increased by 5 bps from 8.70 percent to 8.75 percent.
The three-month MCLR has also been increased by 5 basis points to 8.95 percent from the previous 8.90 percent.
Six month MCLR is only 9.15 percent. There has been no change in this.
MCLR for period more than one year is 9.20 percent. There has been no change in this either.
MCLR has been increased from 9.20 percent to 9.25 percent for periods more than 2 years.
MCLR remains at 9.25 percent for a period of more than 3 years. There has been no change in this.
New rates have come into effect from today 7th December 2023
Various factors are taken into consideration while deciding MCLR including deposit rate, repo rate, operational cost and cost of maintaining cash reserves ratio. Changes in repo rate affect the MCLR rate. However, the bank has made changes in MCLR even before any decision on the repo rate is taken. MCLR also affects loan interest rates, due to which the EMI of borrowers increases. These new rates have come into effect from today, December 7, 2023.
EMI of auto loan, home loan and personal loan will increase
The effect of increase in MCLR will be seen on the interest rates of all types of loans related to it including home loan, auto loan, personal loan. Loan customers will have to pay more EMI than before. Customers taking new loan will get expensive loan i.e. loan at higher interest.
