Shock to the customers taking home loan! HDFC also increased rates, know how much your EMI will increase

HDFC Home Loan: If you also have a plan to buy a house or you are thinking of taking a home loan, then from now on you will have to pay more interest. HDFC Limited, a private sector company providing home loan facility, has increased interest rates. Home lon borrowers will have to pay extra interest from today. Let us tell you that the interest rates have been increased by 0.05 percent. Apart from this, if you have already taken a home loan, then your EMI will also increase.

Company issued statement
The hike in interest rates by HDFC is in line with the steps taken by other lenders. Earlier, State Bank of India and Bank of Baroda have also increased the home loan rates. “HDFC has increased its Retail Prime Lending Rate (RPLR) on Home Loans by 0.05 per cent with effect from May 1, 2022,” the company said in a statement on Sunday.

SBI has also increased rates
However, there will be no increase in rates for new customers. The interest rate for them will be from 6.70 to 7.15 percent depending on the amount and tenure of the loan. Earlier last month, SBI and other lenders had increased the benchmark loan rate.

Bank of Baroda had reduced home loan

Bank of Baroda has recently cut home loan rates. Let us tell you that while the rest of the banks are increasing their loan rates, Bank of Baroda has decided to reduce it. Recently, the bank had announced to increase its MCLR. MCLR had increased by about 0.05 percent. Even after this, the bank has cut the interest rates of home loans.

Growth in real estate sector
Bank of Baroda GM HT Solanki has told that for some time there is a boom in real estate. There has been a rapid increase in the number of home loan borrowers since Corona. In view of this, the bank has decided that by offering a cheap interest rate for a certain period, it will give big benefits to the customers. With this, customers will be able to fulfill their dream of home as soon as possible.

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