Home Loan Interest: Be aware of the new rates as many major banks adjusted their MCLR in January

Home Loan Interest: Be aware of the new rates as many major banks adjusted their MCLR in January

Home Loan Interest: Be aware of the new rates as many major banks adjusted their MCLR in January

Interest rate on home loans: In January 2024, a number of banks modified their rates for marginal cost of lending. This comprises several banks, including Bank of India, IDBI, HDFC, and PNB.

Home Loan Interest Rate: Effective January 1, 2024, PNB will raise its MCLR by five basis points. The bank is now providing MCLR on loans with terms ranging from overnight to a year, with rates ranging from 8.25 percent to 8.65 percent.

On January 1, 2024, ICICI Bank has announced raising its MCLR by 10 basis points. Following this, the bank is providing MCLR on loans with terms ranging from overnight to a year, with rates ranging from 8.60 percent to 9 percent.

Yes Bank similarly raised their MCLR on January 1, 2024, by 5 basis points. The bank is now giving MCLR on loans ranging from overnight to one year, with rates ranging from 8 percent to 8.80 percent, after the adoption of the new rates.

On January 12, 2024, Bank of Baroda will raise MCLR rates by five basis points. Since then, the bank's MCLR has raised from 8.05 percent to 8.75 percent for overnight to one-year periods.

A five basis point rise in MCLR has also been announced by Canara Bank. The bank's three-year and overnight MCLR has since increased from 8.05 percent to 8.75 percent.

Additionally, HDFC Bank raised the MCLR by ten basis points. Following this, the bank is providing MCLR loans with interest rates ranging from 8.30 to 9.30 percent for terms of one month to one year.

The MCLR of Bank of India has raised by five basis points. These prices are effective as of January 1. Following this, the bank is providing interest rates for durations ranging from overnight to a year, with rates between 8 and 8.80 percent.

The rise in IDBI Bank's MCLR was announced on January 12. Since then, for tenures ranging from overnight to one year, the bank's MCLR has reached 8.30 percent to 9 percent.