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Major Indian banks Home Loans intrest increases, Indian realty under trouble

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Revealed sources to www.propertykhazana.com discloses that the old home loan clients of Housing Development Finance Company (HDFC) must get prepared to pay the whooping EMI’s. Quoting the increasing interest value has set-up in the economy and HDFC has said that it has hiked the rate of interest on hovering rate home loans by 50 bps that is 100 bps is equal to 1%. Hiking to rates came after a week when the RBI suddenly increased the key policy rates by 50 bps. The last revision was done by HDFC in the month of May, but it had reserved its rates unmoved in June when the RBI hiked the key rates by 25 bps. Because for this rise in rates by the bank the home loan customers who had taken a loan 20 years back should pay around Rs. 34 whooping EMI for Rs. 1 Lakh of loan. Likewise, for 15 years loan EMI will be Rs. 32 and Rs. 30 for 10 years loan and also Rs. 28 for 5 years loan. Because of rise in the home loans rates it will affect for both new and old customers.
Beneath the increased rate the bank will charge 10.75% yearly on the rate of interest on home loans up to Rs. 30 Lakhs for new clients and 11% on above Rs. 30 Lakhs up to Rs. 75 Lakhs and 11.50% for above Rs. 75 Lakhs. CB has increased the key policy rates for 11 times from March 2010 till now and to maintain the speed with the whooping value of funds in the market banks and home finance companies have also hiked the interest rates. When the round of fiscal tapering by RBI, the group of banks both nationalized and Multi-National banks and loan organizations has also hiked their rates. Banks was the big foundation of funds for the Housing Finance Companies (HFCs) and because of increase in the loan rates this would push up the price of funds for the HFCs. Along with them even some of the major banks like SBI and ICICI Banks are in progress to hike in their loan rates.
Source: NIMMA BENGALURU

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