Home loans to car insurances and more: Know key rules that change from today

June marks the start of the second half of the year, which brings with it a slew of fresh developments for the people of India. These include financial adjustments in June, which the average person is likely to experience in his pocket.

SBI home loan EMI rate rise, Axis Bank service charge hike, gold hallmark regulation updates, and LPG pricing revisions are among the financial developments in June. Because these June changes will affect countless persons in India beginning Wednesday, it is critical to understand them well.

Home loan rates increased

The State Bank of India will raise home loan rates on June 1, which is today, as it has done with its external benchmark linked interest rates. SBI has increased its EBLR rates by 40 basis points to 7.05 percent, while the Repo-Linked Lending Rate (RLLR) has been updated to 6.65 percent plus CRP. This implies that SBI home loan EMIs would rise starting today, following the Reserve Bank of India's May rate hike.

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Cars and bikes to get expensive

The government has amended new base premium rates for third-party insurance for vehicles and motorcycles, resulting in a rate rise beginning Wednesday. According to the ministry of road transport and highways, this applies to private and commercial automobiles and motorcycles that run on either gasoline or electricity. Previously, these insurance prices were last altered for the fiscal year 2019-20 and remained stable throughout the COVID-19 pandemic.

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Service charges increased

Customers of big private lender Axis Bank will be affected by June financial reforms, as it has announced a slew of rate increases on its service charges. Axis Bank has amended its banking and non-banking service costs for clients with savings and salary accounts, including an increase in the monthly service fee for failing to maintain the minimum account balance and an increase in the monthly average balance requirement.