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raghni4949's review
Investment Sector: Emerging Markets Submitted by Raghni4949 
, Student
about 1 month ago Add Tag |
Home loan rates to increase further in India
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I am dead sure that the already steep home loan rates will pinch further following sharp increases in rates by two of the biggest players.
It is worthwhile pointing that ICICI Bank and HDFC, which together cover over half the home loan market in the country, have hiked interest rates effective from today.
If my calculations are right, ICICI’s customers will have to pay 0.75% more on home loans. The bank’s fixed rate now stands at 14.75% while its floating rate is 11.25-11.50%.
Rival home loan major HDFC has also increased interest rates on home loans by 0.75%. Because of this increase, HDFC customers will have to pay 11% interest on floating rates while fixed rates would be 14%.
The increase in loan rates from both ICICI and HDFC was expected after the rate hikes by the RBI last week.
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