No. of views : (10659)
RBI Monetary Policy: What does a repo rate hike mean to your home loan EMIs
Posted on: 08/Jun/2022 3:40:20 PM
- Policy repo rate hiked by 50 basis points to 4.90%
- Policy stance to remain ‘withdrawal of accommodation’
- Real GDP forecast for FY23 retained at 7.2%
- RBI revises inflation projection for FY23 to 6.7 % from 5.7% earlier
- Additional measures announced for cooperative banks
- Credit cards, starting with RuPay credit cards, can now be linked to UPI
- E-mandate on cards for recurring payments, limit upped from Rs 5,000 to Rs 15,000 per transaction
- Digital rupee will be introduced in this fiscal year, RBI will wait for government paper on cryptocurrencies
Here are some major banks` home loan rates:
State Bank of India:
With effect from June 1, SBI`s home loan rates have been increased. However, to avail of the lowest interest rate at SBI, your CIBIL score matters.
Under SBI`s regular home loans, for a credit score above or equal to 800 - the interest rate will be lowest at 7.05% with a max gain of 7.45%. Between 750 - 799 credit scores, the interest rate is 7.15%, while on 700-749 credit scores - the interest rate is 7.25%. For credit scores 650-699, the interest rate will be 7.35%, whereas on credit scores of 550-649 - the rate is 7.55%. For NTC/ no cibil score, the interest rate is 7.25%.
HDFC Bank:
The lender offers special home loan rates. For loans up to ₹30 lakh, the interest rate is 6.75 to 7.2% for salaried women and 6.80 to 7.30% for others.
Meanwhile, for home loans from ₹30.01 lakh to ₹75 lakh, the interest rate is 7.00 to 7.50% for salaried women and 7.05 to 7.55% for others.
For home loans above ₹75.01 lakh, a salaried woman will have an interest rate ranging from 7.10 to 7.60% and others will pay a 7.15 to 7.65% rate.
ICICI Bank:
From May 4th, ICICI Bank revised its home loan rates linked with a repo rate (RR) of 4.4%.
To salaried borrowers, ICICI Bank`s home loans up to ₹35 lakh have an interest rate of 7.1% to 7.55%, while for loans up to ₹35 lakh to ₹75 lakh - the rate is 7.1% on the lowest front and maximum 7.7%.
For home loans above ₹75 lakh, the lowest rate is 7.1% but can go maximum up to 7.8%.
Post your requirement - We will connect with the right vendor or service provider
