HDFC gives good news to home loan holders!
There is good news for those who take home loan from HDFC. Your home loan EMI has now reduced. Some other loans may also be reduced. hdfc has changed the rates of many of its loans. This will benefit the people who have taken loans. The burden of EMI will be less on their pocket. Actually, hdfc has reduced its Marginal Cost of Fund Based Lending Rate i.e. MCLR. It has been reduced by five basis points.
Reduced loan rate applicable from january 7
This reduced loan rate has been implemented from the day of announcement on january 7, i.e. Tuesday. home loan, personal loan and business loan are linked to MCLR. In this way, by reducing the loan rate, all the three types of loans taken earlier, home loan, personal loan and business loan, will have to pay less monthly EMI than before. Overnight MCLR has been reduced by five basis points from 9.20% to 9.15%.
6-month and yearly MCLR has been reduced from 9.50% to 0.45%. The same change has been made in the three-year MCLR. The basic rate of loan given by hdfc is 9.45% per annum. There are slight changes in them according to different items and circumstances. On the other hand, the interest rate of HDFC's home loan is decided by the policy repo rate. It is linked to this.
What is MCLR, definitely know?
MCLR is the basic minimum rate for giving all types of loans. By adding some other things to it, the rate of that particular type of loan is decided. Unless the Reserve bank makes any change in it, it remains like this.