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StanChart hikes home loan lending rates

Multi-national banking powerhouse Standard and Chartered Bank on Monday revised upwards its home loan interest rates.

DNA Web Team

Updated : Sep 14, 2017, 03:33 PM IST

MUMBAI: Multi-national banking powerhouse Standard and Chartered Bank on Monday revised upwards its home loan interest rates.

The bank's Head of Mortgages and Auto, Sriram Kalyanaraman said the variable rate will be 9.5 per cent as against nine per cent, while the fixed loan rate will be 10.5 per cent as against the earlier 10 per cent.

The revised rates will become effective for existing customers from July, while for new customers it will become applicable from June 15 onwards.

"The move was prompted by the fact that our cost of funds was rising. The Reserve Bank of India's recent hiking of its reverse repo rate was another factor that influenced our decision," Kalyanaraman said.

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