Following this, many banks began to raise interest rates on home loans.
Canara Bank, Union Bank and Bank of India have increased their repo-linked lending rates.
Here is an overview of the latest RLLR interest rates on loans.
According to Canara Bank’s website, “interest rates for all retail lending programs are tied to the repo-linked lending rate (RLLR).” The bank’s RLLR now stands at 7.30% as of May 7, 2022.
Union Bank of India
According to Union Bank of India, “The interest rate for personal loan programs updated on 01.05.2022 EBLR to 01.11.2020 is 6.80%; i.e. the RBI repo rate (4.00%) + the spread (2.80%). »
Note that all new Union Home and Union Awas loan customers, including those switching from other Benchmarks, such as MCLR, Base Rate or BPLR to EBLR, will be charged the approved interest rate.
Bank of India
According to the Bank of India website, “Effective RBLR wef as of 04/05/2022 is 7.25% according to the revised Repo rate (4.40%).”
According to the PNB website, “As of date, Repo Linked Lending Rate (RLLR): 6.90% wef 01.06.2022 for existing customers. However, for new customers, it will be effective from 07.05.2022. »