The Reserve Bank of India has increased the repo rate which is now 6.5%. The hike of 25 basis points has been decided at the RBI’s Monetary Policy Committee meeting that took place recently. HDFC Bank, the largest mortgage lender in the country, has already increased home loan interest rates to the tune of 20 basis points with effect from the 1st of August, 2018. This is the third rate hike by HDFC in the current year. SBI and ICICI Bank have also increased rates this year and here’s looking at the latest home loan interest rates of these top three banks in the country post the repo rate hike by the RBI.
The biggest Indian lender, SBI (State Bank of India) has various home loan products like the pre-approved housing loan, Shaurya home loan, privilege home loan, Flexipay housing loan, realty housing loan, tribal plus, earnest money deposit, housing top up loan, mortgage loan, loan against property, commercial real estate home loan and bridge housing loan among others. Interest rates stand at 8.45%-8.55% for women borrowers who are salaried professionals and are taking home loans up to Rs. 30 lakhs. Other borrowers have to pay 8.5% for loans up to Rs. 30 lakhs. For non-salaried borrowers, interest rates are 8.6-8.7% for home loans up to Rs. 30 lakhs in case of female borrowers and 8.65-8.75% in case of other borrowers.
HDFC Bank has interest rates between 8.70-9.20% for loans up to Rs. 30 lakhs in case of salaried female borrowers. For other borrowers, rates are between 8.75-9.25% for loans up to Rs. 30 lakhs. For home loans above Rs. 30 lakhs, salaried female borrowers have to pay 8.80-9.30% as the rate of interest while other borrowers have to pay 8.85-9.35% for home loans exceeding Rs. 30 lakhs. 8.55% is charged as the rate of interest by ICICI Bank for home loans sanctioned to female and salaried borrowers. For other salaried customers, rates of interest at ICICI Bank are 8.6%. For self-employed borrowers, interest rates are 8.7% for female borrowers and 8.75% for other borrowers. Processing fees of 0.5% of the home loan amount are charged by ICICI Bank in addition to applicable taxes.