Home loans to get costlier as SBI, ICICI, PNB raises lending rates


On Thursday, State Bank of India (SBI) has raised its marginal cost of lending rate (MCLR) by 20 basis points. The lead lenders of the country including Industrial Credit and Investment Corporation of India (ICICI) bank and Punjab National Bank (PNB) has also announced an increase in lending rates.

This announcement will directly affect the home loan and make it bit expensive.

ICICI Bank and PNB increased their MCLR by 15 basis points starting by March 1, the Housing Development Finance Corporation (HDFC) Bank will review rates by next week.

SBI said 40 basis points, MCLR for most borrowers and 35 basis points for women borrowers (100 basis points equal a percentage point).

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