Mumbai: Second largest nationalised bank in the country, Punjab National Bank (PNB) has hiked the interest rate on home loans. The bank has increased the repo-linked lending rate (RLLR) by 50 basis points (100 bps = 1%) from 7.70% to 8.40%. The bank has also hiked the marginal cost of funds lending rate (MCLR) by 0.05% on all tenures. The bank has announced a hike in base rate by 5 bps 8.80% from 8.75%.
The loan disbursed by the bank is linked to an external benchmark lending (EBLR). Now the interest rate of home loans will be 8.40%. At present it is 7.90%. Due to this hike, home loan buyers will now have to pay more monthly EMIs.
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Apart from PNB, State Bank of India (SBI), ICICI Bank, and mortgage lender HDFC Ltd have also announced a hike in the home loan interest rate.
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