HDFC is raising interest rates on home loans for the fourth time. On June 9, hdfc announced that it had raised interest rates on mortgages by 50 points. It should be noted that interest rates for hdfc home loans start at 7.55%, as one basis point is one hundredth of a percentage point. It has been announced that the minimum interest rate for borrowers up to Rs 30 lakh will be 7.70% and the minimum interest rate for loans above Rs 30 lakh to Rs 75 lakh will be 7.95 %. Similarly, the interest rate for loans above Rs 75 lakh will be 8.05% for women. It was also announced that an interest rate of 0.05% will be available on these loans.Borrowers must pay higher interest rates on their loans as soon as their reset date arrives. If you have an hdfc home loan, you can see here how much the EMI you have to pay will increase after the recent interest rate hike.If you had taken out a home loan of Rs 30 lakh in installments over 20 years, you would have paid Rs 23,620 per month so far with 7.20% interest. But now he has to pay 24,536 rupees per month with 7.70% interest. This means you have to pay an extra Rs 916.Similarly, if you have taken out a home loan of Rs 50 lakh in 20-year installments, so far you will be paying Rs 40,127 per month with 7.45% interest. But now he has to pay 41,667 rupees per month with 7.95% interest. This means you have to pay an additional 1,540 rupees.Similarly, if you had taken out a home loan of Rs 80 lakh in 20-year installments, you would still be paying Rs 64,692 per month with 7.55% interest. But now he has to pay 67,164 rupees per month with an interest rate of 8.05%. This means an extra Rs 2,472 has to be paid.
Kotak Mahindra Bank announced a new mortgage interest rate of 6.55%. The new interest rate will be valid from Nov. 9 to Dec. 10, the lender said in a statement on Monday. In September, as part of its holiday offerings, Kotak Mahindra Bank announced mortgage rates starting at 6.50%. This festive offer ends today, November […]
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This could be the perfect time to opt for a balance transfer, especially for anyone who has purchased a home loan within the last 5 years or so and still has a significant tenure. Home loans fall under the category of long-term loans with terms of up to 30 years. Therefore, most borrowers spend a […]