PSU banks spare old home loan customers rate hike

Mumbai, August 7 : Many public sector banks which hiked their lending rates have spared existing home loan customers from rate hikes. Five major public sector lenders, including Bank of India, Andhra Bank, Dena Bank, Corporation Bank and Canara Bank, today raised their benchmark lending rates by up to 0.75 per cent as a fallout of further tightening of monetary policy by the RBI.

Canara Bank has increased its benchmark PLR by 75 basis points — from 13.25 per cent to 14.00 per cent — with effect from Thursday following the hike in CRR and Repo rates. This increase will not be applicable to its existing housing, auto and education loans.

Corporation Bank which raised the PLR by 0.5 per cent to 14 per cent said its revised lending rate would come into force from August 11. However, housing loans with sanctioned limits up to Rs 30 lakh, agriculture loans and educational loans are kept outside the purview of the present upward revision of benchmark lending rate, Corporation Bank said.

Bank of India and Hyderabad-based Andhra Bank increased the prime lending rate by 0.75 per cent from 13.25 per cent to 14 per cent.

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