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HDFC Home Loan Interest Rate: The country's largest private sector bank HDFC has shocked its customers before Diwali. HDFC has increased MCLR on some tenure loans. If you are planning to buy a car or house before the festivals then you will get expensive loan. That means you will have to pay more interest on the loan than before. Apart from this, the monthly loan EMI of those who already have a loan will increase. HDFC Bank has increased MCLR by 0.05 percent.
HDFC Bank revised MCLR
The amendment in MCLR of the bank affects the EMI of all types of floating loans including home loan, personal loan and auto loan. As MCLR increases, loan interest increases and EMI of existing customers increases. These new rates have come into effect from today i.e. 7 October 2024. HDFC Bank has increased MCLR by 0.05 per cent on tenures of six months and three years. The benchmark marginal cost of funds-based lending rate MCLR ranges between 9.10% to 9.50%.
HDFC Bank new MCLR rates
- HDFC Bank's overnight MCLR is 9.10 percent.
- One month MCLR is 9.15 percent.
- Three month MCLR is 9.30 percent.
- Six month MCLR is 9.45 percent.
- One year MCLR is 9.45 percent.
- MCLR for tenure more than 2 years is 9.45 percent.
- MCLR for tenure more than 3 years is 9.50 percent.
How is MCLR decided?
Several factors are taken into account while deciding the MCLR, including deposit rate, repo rate, operating costs and cost of maintaining cash reserve ratio. Changes in the repo rate affect the MCLR rate. Changes in MCLR affect the loan interest rate, which increases the EMI of borrowers.
Auto loan, home loan and personal loan rates will increase
Increase or decrease in MCLR affects the interest rates of all types of loans including home loan, auto loan, personal loan. Due to increase in MCLR, loan customers will have to pay more EMI than before. Customers taking new loans will get expensive loans.