Expectations of cheap home loan shocked!
Expectations of cheap home loan shocked! HDFC bank, a big private sector bank, has decided to change its interest rates. The bank has announced changes in the Marginal Cost of Lending Rates (MCLR) for different periods. The new rates have come into effect from Saturday, september 7, 2024 (HDFC bank MCLR). According to the information given on the official website of the bank, the bank has announced an increase of 5 basis points (BPS) in interest rates.HDFC bank interest rates in september 2024HDFC bank has announced an increase of 5 basis points in MCLR for a period of three months. The new rates have increased from 9.25 percent to 9.30 percent. At the same time, the bank is offering an interest rate of 9.10 percentfor overnight. For a loan of six months duration, the bank is offering 9.30percent interest rate instead of 9.25 percent. At the same time, for a period of one year, the bank is offering 9.45percent interest rate. At the same time, for a loan of two years duration, the bank is offering 9.45percent interest rate.What will be the effect on customers?Any change in the marginal cost of lending rate has a direct impact on the EMI of home loan, car loan, educationloan. Due to the increase in this, now customers will have to pay more EMI than before. It is worth noting that most of the borrowers have had to pay interest at a higher rate on their EMI for a long time. In such a situation, the burden on their pocket is increasing.SBI loan also became expensiveThe country's largest public sector bank, bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">state bank of india, last month, gave a shockto its crores of customers by announcing an increase in the Marginal Cost of Lending Rate (MCLR). The bank had increased the MCLR of different periods by 10 basis points. The new rates have come into effect from august 15, 2024 last month. SBI's overnight MCLR has reached 8.20 percent, one-month MCLR 8.45 percent, three-month MCLR 8.50 percent, six-month MCLR 8.85 percent and one-year MCLR 8.95 percent. Apart from sbi, loans of Canara bank, UCO bank and bank of Baroda have also become expensive last month.