The increase follows a similar 35 basis point hike by the Reserve Bank of India (reserve Bank of India) in its monetary policy review earlier this month. One basis point is 0.01 percentage point.
The hike in rates will be applicable for both new and old customers. a new one after the hike home loan Borrowers from HDFC with a credit score of 800 and above will pay 8.65%. Borrowers below this credit score will pay an interest rate of 8.95% to 9.30% depending on their credit score, financial status and whether they are salaried or self-employed.
Banks and non-banks like HDFC have linked their rates to the RBI’s benchmark repo rate, which has increased by 225 basis points since May this year.
both State Bank of India ,State Bank Of India) And ICICI Bank The two largest mortgage lenders have increased their housing loan This follows the latest RBI hike on December 7 by 35 basis points.
SBI is offering a new home loan at 8.75% interest rate for credit scores of 750 and above, which is 15 basis points lower than its card rate of 8.90%, in a festive offer valid till January 31, 2023.
ICICI Bank is also offering home loans at 8.75% for those with a credit score of 750 and above, valid till December 31, 2022, which is 20 basis points lower than the normal rate of 8.95%.