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jaspreet1991

Repo rate hike costs Home Loans Interest Rates




In response to the Reserve Bank of India's surprise repo rate increase announcement, several banks have raised interest rates on home loans. The Monetary Policy Committee (MPC) unanimously decided to raise interest rates by 40 basis points in an off-cycle meeting on May 4, according to the RBI Governor.

A number of banks have raised their repo-linked lending rates as a result of the revision. As a result, home loans have become more expensive.

All RLLR loan interest rates are shown here.


Canara Bank

From May 7, 2022, the RLLR for Canara Bank's retail lending programmes has been set at 7.30 percent, which is based on the repo lending rate.


Punjab National Bank 

RLLR: 6.90 per cent w.e.f. June 1, 2022 for existing customers, according to the public sector bank's website New customers will be subject to the change beginning on May 7, 2022.


Bank of India

As a result of the revised repo rate of 4.40 percent, the effective RBLR will be 7.25 percent as of May 4, 2022.


Union Bank of India 

Union Bank of India's EBLR as of November 1, 2020 is 6.80 per cent, which is a combination of the RBI Repo Rate (4.00 per cent) and the spread (2.80 per cent). EBLR will charge the approved interest rate to all new Union Home and Union Awas loan customers and those switching from other Benchmarks such as MCLR, Base Rate, or BPLR.



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