Monday, September 26, 2022

HDFC Hikes Home Loan Rate Know How Much More EMI Will Rise RBI Repo Rate…

HDFC Hikes Home Loan Rate: The country’s largest housing finance company HDFC has made home loans costlier after RBI’s repo rate hike for the third time in a row. The big brunt of which will have to be borne by those people who will have to pay more home loan EMI than before. HDFC has increased the home loan interest rates by 25 basis points on Tuesday, 8 August 2022. Last week, even before the announcement of monetary policy by RBI, HDFC had raised interest rates by 25 basis points. That is, HDFC has put the entire burden of the repo rate hiked by RBI by 0.50 percent on the customers.

Let us tell you how much EMI is going to increase for those who are running home loan with HDFC.

Home loan of Rs 15 lakh
Suppose you had to pay an EMI of Rs 12,453 at the rate of 7.90 per cent earlier on your home loan of Rs 15 lakh for 20 years. So after increasing the interest rates by half a percent on the home loan, according to the interest rate of 8.40 percent, you will have to pay an EMI of Rs 12,923. That is, Rs 470 more every month and an additional burden of Rs 5640 in the whole year.

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40 lakh home loan
If you have taken a home loan of Rs 40 lakh for 15 years, on which at present you had to pay an EMI of Rs 38,457 at 8.10 percent interest rate, then now you will have to pay an EMI of Rs 39,624 at 8.60 percent interest. That is, 1167 rupees more every month. And if you add it in the whole year, then you will have to pay more EMI by Rs 14,004.

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50 lakh home loan
If on a home loan of Rs 50 lakh for 20 years, at 8.25 percent interest, an EMI of Rs 42,603 ​​was to be paid. But after the increase of 0.50 percent in home loan interest rates, the new interest rate on home loan will increase to 8.75 percent, after which an EMI of Rs 44,186 will have to be paid. That is, every month Rs 1583 more EMI will have to be paid and in a year your budget will have an additional burden of Rs 18996.

Effect of RBI raising repo rate
RBI has increased the repo rate by 1.40 percent from 4.90 percent to 5.40 percent. After the decision of RBI, from housing finance companies to banks have started making loans expensive. And the biggest brunt of the costly loan will have to be borne by those people who have bought their house in recent times by taking home loan from bank or housing finance company. However, it is a matter of relief that the inflation rate is expected to come down in the coming times. After which the process of increasing the interest rate may stop and it may be that in the coming days there will be relief from expensive loans.

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