Following this many banks have started hiking interest rates on home loans.
Here is a look at the latest RLLR interest rates on loans.
According to the Canara Bank website, “Rates of Interest of all Retail Lending Schemes are linked to Repo Linked Lending Rate (RLLR).” The RLLR of the bank now stands at 7.30 percent with effect from May 7, 2022.
Union Bank of India
According to the Union Bank of India, “Rate of Interest of Retail Lending Schemes Updated on 01.05.2022 EBLR as on 01.11.2020 is 6.80%; i.e. RBI Repo Rate (4.00%) + 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 rate of interest.
Bank of India
As per Bank of India website, “Rate of interest all linked to RBLR/MCLR RBLR 7.25 % w.e.f. 04.05.2022 & BOI MCLR 7.35 % w.e.f. 01.10.2020 (Spread is from -0.35% to 1.50%).”
According to the PNB website, “As on date, Repo Linked Lending Rate (RLLR): 6.90% w.e.f. 01.06.2022 for existing customers. However, for new customers it will be effective from 07.05.2022.”