These banks gave a shock in the new year, know how expensive is the home loan?

In the first month of the new year, not one, two or four or five but 8 banks have increased the interest rates on home loans. Banks have made this increase by changing their MCLR. Along with government lenders, private lenders are also included. Let us also tell you which banks have increased home loans.

Interest rates are high in the country. On one hand, banks are increasing fixed deposit rates to attract investors. On the other hand, home loan interest rates are increasing. In the first month of the new year, not one or two or four or five but 8 banks have increased the interest rates on home loans. Banks have made this increase by changing their MCLR. Along with government lenders, private lenders are also included. Banks which have increased their MCLR include IDBI Bank, Bank of Baroda, ICICI Bank, Canara Bank, Punjab National Bank (PNB), Bank of India and HDFC Bank. Let us also tell you in detail that these banks have made changes in their MCLR, due to which your home loan EMI has been affected.

These banks increased loan EMI in January

ICICI Bank: According to the bank's website, the lender has increased its MCLR by 10 basis points from January 1, 2024. Overnight rates have increased from 8.5 percent to 8.6 percent. MCLR for one month has increased from 8.5 percent to 8.6 percent. The three month rate has increased from 8.55 percent to 8.65 percent. The six month rate has gone from 8.90 percent to 9 percent. The one year rate has increased from 9 percent to 9.10 percent.

Punjab National Bank: According to the PNB website, the bank has increased its MCLR by 5 basis points from January 1, 2024. Overnight rates have increased from 8.2 percent to 8.25 percent. MCLR for one month has increased from 8.25 percent to 8.30 percent. The three month rate has increased from 8.35 percent to 8.40 percent. The six-month rate has increased from 8.55 percent to 8.60 percent. The one year rate has increased from 8.65 percent to 8.70 percent.

Yes Bank: According to the lender's website, the new rates are effective from January 1, 2024. The overnight rate is 9.2 percent. One month MCLR is 9.45 percent. The rate for three months is 10 percent. The six month rate is 10.25 percent. The one year rate is 10.50 percent.

Bank of India: According to the lender's website, the bank has increased the overnight period by 5 bps and it has become effective from January 1, 2024. The overnight rate has increased from 7.95 percent to 8 percent. One month MCLR is 8.25 percent. The three month rate is 8.40 percent. The six month rate is 8.60 percent. The one year rate is 8.80 percent.

Bank of Baroda: BOB has made changes in its MCLR with effect from January 12, 2023. Overnight MCLR has increased from 8 percent to 8.5 percent. There was no change in one month MCLR at 8.3 percent. Three-month MCLR remained unchanged at 8.4 percent. Six-month MCLR has been increased by 5 bps from 8.55 percent to 8.60 percent. One year MCLR has increased from 8.75 percent to 8.80 percent.

Canara Bank: The bank has increased its MCLR by 5 basis points from January 2024. Overnight rates have increased from 8 percent to 8.05 percent. The one month rate has increased from 8.1 percent to 8.15 percent. The three month rate has increased from 8.20 percent to 8.25 percent. The six-month rate has increased from 8.55 percent to 8.60 percent. The one year rate has increased from 8.75 percent to 8.80 percent. The two-year rate increased to 9.10 percent. The three year rate is 9.20 percent. From January 12, Canara Bank Repo Linked Lending Rate (RLLR) is 9.25 percent.

HDFC Bank: The MCLR of the country's largest private lender is between 8.80 percent to 9.30 percent. Overnight MCLR has been increased by 10 bps from 8.80 percent to 8.70 percent. HDFC Bank's one month MCLR has increased by 5 bps from 8.75 percent to 8.80 percent. MCLR for three months will increase from 8.95 percent to 9 percent. Six month MCLR has been increased to 9.20. One year MCLR has been increased by 5 bps from 9.20 percent to 9.25 percent. 3-year MCLR has been kept unchanged at 9.30 percent.

IDBI Bank: According to the bank's website, the overnight MCLR is 8.3 percent. MCLR for a period of one month is 8.45 percent. The three-month MCLR rate for IDBI Bank customers is 8.75 percent. Six month MCLR is 8.95 percent. One year MCLR is 9 percent. MCLR for two years is 9.55 percent. MCLR for three years is 9.95 percent. These rates are applicable from January 12, 2024.