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Higher EMIs, bank charges, insurance premiums: 7 BIG changes will impact your monthly budget

New Delhi: Come June 1, bank and insurance customers and borrowers will have to loosen their purse strings as home loan EMIs, bank charges and insurance premiums are all set to increase, putting additional pressure on the common man already battling high inflation. However, in what could be a slight relief, the prices of LPG cylinders have come down. Besides changes that could impact the finances of the common man, there are a few other rule changes coming into effect starting June 1. As an informed citizen, it is important to know about the changes so that you don’t face any difficulties.

Zee Media Bureau|

Updated:Jun 01, 2022, 03:39 PM IST

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HDFC Hikes Home Loan Lending Rates

HDFC Bank has increased the lending rates on home loans by 5 basis points or 0.05%. The move comes days after the Reserve Bank of India hiked repo rates by 40 basis points or 0.04%.

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PNB Increases Home Loan Lending Rates

Punjab National Bank (PNB) has also increased the lending rates on home loans by 15 basis points or 0.15%. The public sector lender has increased the one-year MCLR rate to 7.40% from 7.25%.

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SBI Raises Interest Rates on Home Loans

State Bank of India (SBI) has increased the home loan lending rates by 40 basis points or 0.40% to 7.05%. With the latest revision, the Repo-Linked Lending Rate (RLLR) has been revised to 6.65%+CRP.

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Gold Hallmark Rule Change

Jewellers in India will now be allowed to sell hallmarked gold jewelleries to customers, according to a recent notification by the Central government. The Bureau of Indian Standards (BIS) already came up with the announcement on the same in April 2022.

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Bank Charges Increase

Axis Bank has increased service charges on various banking and non-banking services. Customers having savings or salary accounts with the bank will now have to pay a higher service fee per month for not maintaining the minimum account balance. The bank has also increased its minimum account balance threshold.

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Motor Insurance Premiums to Go Up

The government has increased the premium prices for third party insurance on cars and bikes. The hike in insurance premiums will make buying or owning a car or bike more expensive.

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LPG Price Comes Down

The prices of 19 kg commercial cylinder have been reduced by 135 cheaper, in what could be the only news that will bring cheer to the common man. With the latest changes, the price of a 19 kg commercial cylinder in Delhi stands at Rs 2,219.