There are going to be changes in the rules related to home loan and post office of banks from June 1.
The Reserve Bank has recently increased the repo rate. After increasing the repo rate, banks have increased the lending rates. This has increased the home loan EMI. If you have taken a loan from State Bank of India, then the month of June is going to be special because interest rates will increase.
Many rules are going to change in June. The effect of this change will be directly on your money. All these rules personal finance (Personal Finance) which will have a direct impact on your pocket. State Bank Home Takers, Axis Bank and India Post Payment Bank (IPPBThe direct impact of these rules on the customers and vehicle owners will be seen. If you also fall in this category, then keep in mind the month of June. After the increase in the repo rate and lending rate, a big change is being seen in the EMI of the home loan. Therefore, know the rules of banks and continue your transaction accordingly. Let us look at the 5 changes that are going to come into effect in the month of June.
The Reserve Bank has recently increased the repo rate. After increasing the repo rate, banks have increased the lending rates. This has increased the home loan EMI. If you have taken a loan from State Bank of India, then the month of June is going to be special because interest rates will increase.
1. SBI Interest Hike
State Bank of India has increased the External Benchmark Lending Rate (EBLR) for home loans by 40 basis points to 7.05 percent. State Bank has told that the rule of increasing the interest rates related to the lending rate is going to be implemented from June 1, 2022. EBLR was earlier 6.65 percent, but with an increase of 40 basis points, it has increased to 7.05 percent. Now State Bank will charge interest on home loan from its customers according to this rate.
2. Third Party Insurance Premium
Third party insurance for private cars will be a little more expensive than before. In 2019-20, this insurance was of Rs 2072, but it has been fixed at Rs 2094. The Road Ministry has also issued its gazette. This is for cars below 1000 cc. Third party insurance for 1000 to 1500 cc cars has been increased from Rs 3221 to Rs 3416. Third party insurance has been increased from Rs 7890 to Rs 7897 for vehicles having capacity above 1500 cc. The insurance premium for a two-wheeler of 150 to 350 cc will be Rs 1366 while the premium for a two-wheeler with a capacity of more than 350 cc will be Rs 2804.
3. Gold Hallmarking
The second round of gold hallmarking is starting from 1st June 2022. Hallmarking of gold jewelery and artifacts will be mandatory from June 1 in 256 districts of the country and the new 32 districts associated with it. Assaying and hallmarking centers already exist in these districts, hence hallmarking has been made mandatory. Only 14, 18, 20, 22, 23 and 24 carat gold jewelery will be sold in these 288 districts. All these jewelery must be hallmarked.
4. India Post Payment Bank Charges
Service charge will be levied on post office transactions beyond the free limit through Aadhaar-enabled payment systems (AePS) such as POS machines and micro ATMs. The rule of levying service charge is applicable from June 15. India Post Payment Bank is a subsidiary of Indian Post which is run by the Department of Posts. Three transactions will be free from AEPS in a month, but after that there will be a service charge on the transaction. Cash withdrawal or deposit in excess of the limit will attract Rs 20 plus GST and Rs 5 plus GST for mini statement.
5. Axis Bank Savings Account Charges
Average monthly balance has been increased from Rs 15,000 to Rs 25,000 or Rs 1 lakh term deposit for easy savings and salary program in semi-urban/ rural areas. The deposit amount for Liberty Savings Account has been increased from Rs 15,000 to Rs 25,000 or the spending of Rs 25,000. These tariffs will be effective from June 1, 2022.
: Language Inputs