Interest rates on HDFC Bank loans: For two brief periods, HDFC Bank raised its Marginal Cost of Funds Based Lending Rates (MCLR) by 5 basis points (bps). Following the modification, HDFC Bank’s MCLR interest rate now ranges from 9.15% to 9.50%. The revised rate went into effect on November 7, 2024. The interest rate was raised by the bank by 5 basis points for a month and by 3 basis points for three years.
The MCLR rose from 9.15% to 9.20% in a single month.
Other than these two tenures, the bank has not altered any lending rates. The overnight MCLR is now 9.15% instead of 9.10%. In the same way, the one-month MCLR has gone up from 9.15% to 9.20%. 9.30% is offered by the bank for a three-month duration. For six months, MCLR is 9.45%. For a one-year tenure, MCLR, which is linked to customer loans, is 9.45%. For two-year tenure, MCLR is 9.45% and for three years, it is 9.50%.
Additionally, the bank’s new base rate is now 9.45%
The interest rate was previously altered by HDFC Bank on September 9, 2024. You will now be required to pay interest at the rate of 17.95% annually if you take out a loan from this bank. Additionally, the bank’s new base rate is now 9.45%. Repo 6.50% is the basis for all of these rates. In addition to the repo rate, the interest rate for a special house loan ranges from 2.25% to 3.15%, or 8.75% to 9.65%. In addition to the repo rate, the conventional home loan rate for self-employed and salaried individuals ranges from 2.90 to 3.45 percent. In other words, it goes up from 9.40% to 9.95%.
Home Loan from HDFC Interest Rates
According to HDFC Bank’s website, ‘The above home loan interest rates / EMIs apply to loans offered under HDFC Bank’s Adjustable Rate Home Loan Scheme (Floating Interest Rate) and these rates are subject to change at the time of loan issuance. The above home loan interest rates are linked to HDFC Bank’s repo rate and keep changing throughout the loan tenure. Bank loan interest rates are made visible and uniform through the usage of MCLR. Because MCLR is based on banks’ present cost of funds, it is more susceptible to shifts in policy rates. It guarantees the efficient application of the nation’s monetary policies. By ensuring that they benefit from the rate drop, MCLR helps borrowers.
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