HDFC Bank's New Interest Rates
Effective from November 7, 2024, HDFC Bank has raised its Marginal Cost of Funds-Based Lending Rates (MCLR) by 5 basis points (bps) for shorter terms. With this adjustment, HDFC’s MCLR rates now range between 9.15% and 9.50%. Specifically, the one-month MCLR has increased from 9.15% to 9.20%, while the three-year MCLR has risen by 3 bps, bringing it to 9.50%.
Updated Loan Rates by Tenure
- Overnight MCLR: Increased from 9.10% to 9.15%
- One Month MCLR: 9.20%
- Three Months MCLR: 9.30%
- Six Months MCLR: 9.45%
- One-Year MCLR: 9.45%
- Two-Year MCLR: 9.45%
- Three-Year MCLR: 9.50%
Additionally, HDFC Bank's base rate has been adjusted to 9.45%, impacting all new and existing loans.
Home Loan Interest Rates
As per HDFC Bank, the current home loan interest rates are based on the bank’s Adjustable Rate Home Loan Scheme (Floating Interest Rate), which ties rates to HDFC Bank's repo rate. For special home loans, the interest rate is set at 8.75% to 9.65%, adding a 2.25% to 3.15% margin over the 6.5% repo rate. Standard home loans for salaried and self-employed borrowers come with a margin of 2.90% to 3.45% over the repo rate, resulting in a rate range of 9.40% to 9.95%.
Understanding MCLR
MCLR is a benchmark system for lending rates that allows for more transparency and helps align interest rates with current policy changes. As MCLR adjusts with the bank’s funding costs, it reflects changes in the repo rate, ensuring that borrowers benefit from rate reductions aligned with monetary policy.
