These banks raise home loan interest rates after RBI's 50 basis points repo rate hike

Canara Bank has hiked its MCLR, as of August 7. Currently, its overnight and 1-month MCLR now stands at 6.80%, for 3-months, it is 7.10%, for 6 months, it is 7.60 % and for 1 year, it is 7.65%.

IDFC First Bank has also revised its marginal cost of funds-based lending rate by 5-15 bps. Its overnight and 1-month MCLR now stands at 8%, for 3-months, it is 8.25%, for 6-months, it is 8.60% and for 1-year, it is 8.95%.

Bank of Baroda will raise its marginal cost of funds based lending rate by up to 0.20 per cent across tenors from August 12 across loan tenors. Consequently, the overnight MCLR will be up by 0.05% at 6.85%. The 1 month MCLR has been raised by 0.20% to 7.40%, while the 3 and 6 months MCLR loans will be up by 0.10% each at 7.45% and 7.55% respectively.

HDFC Bank has raised its marginal cost of funds-based lending rate by 5 to 10 basis points across loan tenors. Consequently, the overnight MCLR now stands at 7.80%. The 1 month MCLR is at 7.8%, 3 months is at 7.85%, 6 months is at 7.95%, 1 year is at 8.10%, 2 year at 8.20% and 3 year at 8.30%. Additionally, mortgage lender HDFC also raised its benchmark lending rate by 25 basis points.

Punjab National Bank's has also increased its external benchmark lending rates to 7.90 percent. Consequent upon an increase in repo rate by RBI, the Repo Linked Lending Rate has been revised from 7.40% to 7.90% with effect from August 8, 2022, the lender said in a statement.

ICICI Bank has increased its external benchmark-based lending rates. ICICI Bank external benchmark lending rate with a mark-up over repo rate is 9.10 percent p.a.p.m. (per annum payable monthly) effective August 5, 2022, the private lender mentioned on its website.