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HDFC and Punjab National Bank make home loans expensive, EMI burden on the pocket increased, know details

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Both Punjab National Bank and HDFC have increased the interest rates on loans, giving a shock to their customers. This has made many types of loans, including home loans, car loans and personal loans, costlier.

New Delhi. On 1st June i.e. Wednesday, HDFC has made the home loan costly, giving a shock to its customers. HDFC has decided to increase the Retail Prime Lending Rate (RPLR) i.e. prime retail loan rates.

How expensive is the home loan

According to HDFC, the retail prime lending rate on all its home loan products has been increased by 5 basis points. This has become effective from today, June 1.

Let us tell you that after the increase in the repo rate by the RBI, HDFC has decided to make the loan rates costlier. Earlier, on April 9, 2022, HDFC had increased the interest rates by 30 basis points or 0.30 percent. With the latest hike, the new home loan rates for those with CIBIL score above 780 have gone up from 7.00 per cent to 7.05 per cent.

This bank also made loans expensive

Apart from HDFC, the large and leading public sector bank Punjab National Bank (PNB) has increased the benchmark Margin Cost of Lending Rates (MCLR) across all tenors by up to 0.15 per cent on June 1. This will increase the monthly installments payable to the borrowers. PNB said in the information given to the stock exchanges that this increase in marginal cost based lending rates has become effective from June 1, i.e. today.

Now the one-year MCLR of PNB has increased from 7.25 per cent to 7.40 per cent. Most of the bank’s loans are based on MCLR only, so the installments of those loans will also increase now. With the increase in MCLR, many types of loans including home loans, car loans and personal loans will become expensive.

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