After Punjab National Bank, now PNB Housing Finance has also increased the interest rates on many types of loans. Earlier, ICICI Bank, Bank of Baroda and Bank of India also increased the repo based interest rate after the Reserve Bank hiked the policy rate.
New Delhi . The process of increasing interest rates by banks and other financial institutions is going on. After Punjab National Bank, now PNB Housing Finance has also increased the interest rates on many types of loans. PNB Housing has increased by 35 basis points or 0.35 per cent on home loans as well as other retail loans. This increase in interest rate will be applicable from today, Monday, May 9.
Both retail and corporate have a stake in the business of PNB Housing. The housing sector has a major share in the company’s retail business. PNB Housing offers loans for both construction and purchase of a house. This institution also gives loans for buying housing properties.
The bank had also increased interest rates
According to the website of PNB Housing, with effect from June 1, 2022, the Repo Linked Lending Rate (RLLR) for existing customers will be 6.90 percent. RLLR, on the other hand, will be effective for new subscribers on May 7, 2022. Shares of PNB Housing were trading at 347.80, down 3.5 per cent on the BSE last Friday.
A day earlier, Punjab National Bank (PNB) also increased its interest rates on loans. PNB has increased the repo based interest rate by 0.40 percent to 6.90 percent. PNB said in the information given to the stock market on Friday that the RLLR for existing customers has been increased from 6.50 percent to 6.90 percent with effect from June 1, 2022.
Other banks are also increasing the interest rate
Earlier, ICICI Bank, Bank of Baroda and Bank of India also increased the repo based interest rate after the Reserve Bank hiked the policy rate. Your EMI will also increase after PNB hikes interest rates. Also, new borrowers will have to pay more interest.
The Reserve Bank of India (RBI) had increased the repo rate by 0.40 percent on May 4. Governor Shaktikanta Das said that due to rising commodity prices in the global market and increasing pressure on other fuels including petrol and diesel, we have to change the repo rate. Now the repo rate will be 4.40 percent instead of 4 percent.
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