IDBI Bank has increased the interest rates on its floating home loans by 0.5 to 0.75 percent from Thursday.
The floating home loan rate has now gone up to 7.5-8 per cent from 7-7.5 per cent.
However, the bank has not yet hiked its prime lending rate. The bank offer fixed rate loans up to five years at 8-8.25 per cent.
Meanwhile, State Bank of India, LIC Housing Finance and Bank of India too have indicated their plans to increase home loan rates.
Many other banks are likely to follow suit due to hardening interest rates and the rising cost of funds.
PNB hikes deposit rates
Punjab National Bank has hiked interest rates on domestic term deposits by 0.25-0.50 per cent in view of hardening rates in the economy.
The revised interest rates would be effective from November 22, the bank said.
Term deposits put for 30-45 days would fetch 4.25 per cent (4.0 per cent), 46-90 days would get 4.5 per cent (4.25 per cent) and 91-179 days 4.75 per cent (4.50 per cent).
Interest would be 5 per cent (4.75 per cent) for term deposits having maturity for 180 days to one year, 5.25 per cent (5.0 per cent) for those put for 1-2 years and it would be 5.75 per cent (5.5 per cent) for deposits put for over three years.
Term deposits put for five years and more would get 0.5 per cent higher at 6.0 per cent, it said.
The interest rate structure for term deposits having maturity of 7-14 days and 15-29 days would remain unchanged at 3.0 and 4.0 per cent, respectively.
Meanwhile, Bank of Baroda, Federal Bank, Andhra Bank, UCO Bank, Allahabad Bank, ICICI Bank, and Bank of India have already hiked deposit rates.
Additional inputs: PTI
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