No more home loan sweet home loan

03 March, 2018, 03:26 | Author: Kristopher Anderson
  • State Bank of India steeply hikes deposit rates for various tenure

For existing borrowers, with banks increasing their MCLR, the possibility of home loan rates going up when the reset date arrives can not be ruled out. With MCLR going up, the home loan rates in all probability will also shoot up unless banks reduce the mark-up (margin) in the loans.

All the new rates come into force immediately, the bank said in a statement.

PNB raised the overnight, one-month, three-month, and six-month rates by 15bps to 7.80%, 7.95%, 8.10%, and 8.25%, respectively.

In November previous year, SBI had slashed its marginal cost lending rates by 5 basis points to 7.95 per cent.

The Delhi-based PNB, which is firefighting the largest financial fraud in the country and staring at a possible loss of around Rs 13,000 crore, has also followed its larger per hiked its one year MCLR rate by 15 bps to 8.30 per cent. "The impact of deposit rate hike on MCLR works out to 20 bps", he added.

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The higher deposit and lending rates are a pointer to higher interest rates.

Bankers and analysts attributed the reason for the increase in deposit rates to tight banking system liquidity conditions. One basis point is one-hundredth of a percentage point. Under this new increased interest rates, the users can get a good rate of interest.

As an existing or a new home loan borrower, if you are expecting a reduction in home loan interest rates, you could be disappointed. For one-month and three-month tenor, the MCLR rates have not been changed. As a result of that, banks require to raise deposit rates. One-year MCLR is the key lending rate at which SBI pegs its retail loans, including home loans, auto loans, education loans, certain personal loans and loans against properties.

Loans over Rs 75 lakh will carry an interest rate of 8.75%. "As far as lending rates are concerned, there is gradual recognition that external conditions such as inflation from oil and possibly from food till the monsoons may push the interest rates up", said Ashvin Parekh, managing partner, Ashvin Parekh Advisory Services Llp.

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