Your EMI will go up as banks increase home loan rates
SBI, ICICI Bank, Punjab National Bank and HDFC, among others, have hiked lending rates, resulting in higher EMIs for borrowers.
Mumbai: Ahead of the Reserve Bank of India’s (RBI) bi-monthly monetary policy announcement, top banks and housing finance companies, including State Bank of India (SBI), ICICI Bank Ltd, Punjab National Bank and Housing Development Finance Company (HDFC) have increased their marginal cost of funds-based lending rate (MCLR) and retail prime lending rate (RPLR) by 5-10 basis points. MCLR is the benchmark lending rate used to lend by banks and RPLR is used by non-banking finance companies. One basis point is one-hundredth of a percentage point (bps).