|1 month MCLR||7.80%|
|3 Months MCLR||8.00%|
|6 Months MCLR||8.20%|
|1 year MCLR||8.40%|
|2 year MCLR||8.60%|
|3 year MCLR||8.75%|
Union Bank of India’s base rate is at 9.25% with effect from January 1, 2023.
Impact will differ
Current home loan borrowers as well as future home loan borrowers who plan to apply for loans shortly will be impacted by the increase in rates. But note that depending on how much their mortgages are still owed, the effect on present homeowners will differ.
Home loan rates for salaried and non-salaried men and women with credit scores of 800 and higher are EBLR – 0.45% = 8.60% for amounts up to Rs 30 lakh. While the rate for credit scores between 750 and 799 is EBLR – 0.35% = 8.70%.
HDFC Bank hiked MCLR by up to 25 basis points, ICICI Bank has raised its marginal cost-based lending rate (MCLR) across all tenures by up to 25 basis points. Bank of India has hiked the marginal cost of funds based lending rate (MCLR) by up to 15 bps across MCLR tenures. Bank of Baroda to raise its marginal cost of funds-based lending rate (MCLR) by up to 35 basis points across all tenures.Banks including Punjab National Bank, Canara Bank, and Union Bank of India have increased the interest rates on house loans that are based on the repo rate.