Get Ready to pay revised EMI on Home
GET READY TO PAY REVISED ong>EMIong> ON YOUR HOME LOAN If you are an existing home loan borrower or about ong>toong> apply for a home loan then this is the news which will make an impact on your decision. The MCLR (Marginal cost of lending rate) has been increased by the leading banks of India which will have a direct impact on the interest rate of all kinds of secured loans i.e. home loan, two-wheeler loan or car loan. The interest rate is going ong>toong> be increased in coming days. The largest lender of India, The State Bank of India has increased its MCLR by up ong>toong> 25 basis points (bps). In the same row, it comes HDFC, ICICI and PNB ong>toong>o. HDFC has increased its lending rate by 0.20 percentage points whereas ICICI and PNB have increased its MCLR by 0.10 percentage points and 0.15 percentage points respectively. The mentioned lenders are not the only one ong>toong> hike the interest rate, the other banks are also likely ong>toong> revise their MCLR in the days ong>toong> come.