Home Loan Interest Rates: Good news has come for customers thinking of taking home loan before Diwali. While mortgage lender HDFC Ltd has reduced its Retail Prime Lending Rate (RPLR), Bank of Baroda has reduced MCLR. That is, it has become cheaper for customers to take home loans, auto loans. HDFC Limited has reduced RPLR 0.10 per cent on housing loans.
HDFC has said in the statement that the new rates will be applicable from 10 November 2020. At the same rate, the adjusted rates of the company’s home loan are fixed. “All existing customers will get the benefit of this change in the interest rate.
Bank of Baroda gift
The public sector Bank of Baroda has announced a 0.05 per cent reduction in Marginal Cost of Fund Based Lending Rates (MCLR) for various periods. Bank of Baroda has told the stock market that the new rates are applicable from November 12, 2020. Under this, the revised one-year MCLR in the bank will now be 7.45 percent instead of 7.5 percent. This rate is standard for all consumer loans like auto, retail, housing. At the same time, the MCLR has been reduced from 6.60 to 7.30 percent on loans ranging from one day to six months.
These two banks have also cut
Earlier, Bank of Maharashtra cut the repo linked lending rate (RLLR) by 0.15 percent. The new interest rates of repo linked loans are now 6.90 percent. Retail and MSME loans of Bank of Maharashtra are RLLR linked. The new interest rates became effective from 7 November. The reduction in the repo linked lending rate will make it affordable for customers to take home loans, car loans, gold loans and education loans. Kotak Mahindra Bank has also reduced home loan interest rate by 0.15 percent. The new rates become effective from 1 November.