The private sector lender has raised its marginal cost-based lending rate (MCLR) by 20 basis points (100 basis points = 1%) on all term loans, with effect from July 7, 2022. This will increase the cost of housing. , vehicle, personal and other loans, and borrowers will see an increase in equated monthly installments (EMIs) for various types of loans.

According to the HDFC Bank website, the overnight MCLR is now 7.70 per cent as against 7.50 per cent earlier. The one month MCLR is 7.75 per cent. The MCLR for three months and six months is 7.80 per cent and 7.90 per cent respectively. The one-year MCLR for many consumer loans will now be 8.05 percent, the two-year MCLR is 8.15 percent and the three-year MCLR will be 8.25 percent.

latest HDFC Bank MCLR

Source: HDFC Bank website

Last month, HDFC Bank raised the MCLR by 35 basis points (effective from June 7, 2022).

The bank will increase the interest rate on your home loan as per the existing MCLR on the reset date. Consequently, if the reset date of your loan is in August and it is linked to the MCLR rate, your interest rate will increase in August.