The policy rate hikes should not trouble the retail customer as home loan and car loan rates will not see any increasing. Banks would be bearing this policy rate increase without affecting the retail borrower.
The banks offering teaser home loan rates will carry out doing so.
O P Bhatt, Chairman of the biggest lender in the country, State Bank of India said that the teaser home loan offer of the bank will be valid up till September 30.
He said, “We will take a call at that time”.
VS Rangan, executive director, HDFC said “Home loan rates will not be impacted immediately. Everything will depend on what action banks take on the pricing of their retail loans. Our special schemes are on till the end of August after which we will take a call depending on the interest rate situation at that time”.
Axis Bank is also not expected to alter its loan rates. Shikha Sharma, CEO and MD Axis Bank said, deposit rates would increase more rapidly than lending rates.
Aditya Puri, MD of HDFC Bank, “Retail and corporate loans are expected to post robust growth in the coming quarters and lending rates will rise but not immediately”.