New Delhi: After HDFC, Punjab National Bank announced 0.5 per cent hike in home loan rates and 0.25 per cent increase in other lending rates with effect from Tuesday.
"Interest rate on housing loan is hiked by 50 basis points (0.5 per cent) while Benchmark Prime Lending Rate (BPLR) has been raised by 25 basis points," a senior bank official said.
The new lending rates are effective from Tuesday. That means floating home loan interest rates have gone up to 8.75 per cent for a maturity period of upto 5 years, to 9 per cent for 5-10 years, to 9.25 per cent for 10-20 years and to 9.75 per cent for 20-25 years.
Similarly, the fixed home loan rates have gone up to 10 per cent from 9.75 per cent for loans upto 5 years. The bank increased its BPLR by 25 basis points or 0.25 per cent to 11.50 per cent from 11.25 per cent.
That means, the bank has hiked interest rates for all other loans including for auto and personal loans, by 0.25 per cent.
After the Reserve Bank increased short-term rates by 0.5 per cent in the last two months, most of the banks and housing finance companies had said they would raise lending rates as high cost of funds might affect profitability.
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