PNB Increases Home Loan Rate
Recently, PNB has hiked the interest rate on home loans.
The bank has hiked the repo-linked lending rate (RLLR) by 50 basis points (100 bps = 1%) from 7.70% to 8.40%.
Along with this, the bank has also hiked the marginal cost of funds lending rate (MCLR) by 0.05% on all tenures.
The bank has announced a hike in base rate by 5 bps. “The Base rate has been revised from 8.75% to 8.80% w.e.f. 01-10-2022,” said the bank’s website.
The hike in interest rate, typically charged on a home loan, has come after the Reserve Bank of India (RBI) hiked the key policy rate consequently for the fourth time since May 2022.
All the home loans disbursed by banks are currently linked to an external benchmarking lending rate (RLLR).
With the latest hike in RLLR by 50 bps, here is an example showing how much your EMI outgo is likely to impact.