PNB Increases Home Loan Rates

PNB Increases Home Loan Rate

Recently, PNB has hiked the interest rate on home loans.

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The bank has hiked the repo-linked lending rate (RLLR) by 50 basis points (100 bps = 1%) from 7.70% to 8.40%.

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Along with this, the bank has also hiked the marginal cost of funds lending rate (MCLR) by 0.05% on all tenures.

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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.

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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.

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All the home loans disbursed by banks are currently linked to an external benchmarking lending rate (RLLR).

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With the latest hike in RLLR by 50 bps, here is an example showing how much your EMI outgo is likely to impact.

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