Updated 19 October 2026. We opened each bank's own rate page where it was reachable, and a dated report where it was not, and we give the date checked for every figure. Where we could not confirm a post-hike rate, we say so rather than guess. This list also explains the benchmark-versus-final-rate difference, when your EMI actually changes, and what to do if you already have a loan.

What the RBI changed on 7 October

  • Repo rate: up 25 bps, from 5.25% to 5.50%, the vote for the hike being unanimous (TLDR Money, 12 October 2026).
  • Corridor: standing deposit facility 5.25%; marginal standing facility and Bank Rate 5.75% (TLDR Money).
  • Stance: changed from neutral to "calibrated tightening"; two of the six members preferred to stay neutral (TLDR Money).
  • RBI projections: inflation 5.2% for 2026-27, with 6.0% expected in October–December; growth 7.1% (TLDR Money).
  • Next policy meeting: 2–4 December 2026 (TLDR Money).

Bank-by-bank list: rates confirmed as of 19 October 2026

Two kinds of number appear below. A benchmark (EBLR, RLLR or RBLR) is the base your loan is priced on; your actual rate is the benchmark plus a spread set by your credit profile. A card rate is the range the bank advertises for new loans. Do not compare one bank's benchmark with another bank's card rate.

  • SBI · EBLR 8.15% + CRP + BSP (was 7.90%) · RLLR 7.75% + CRP (was 7.50%) · effective 15 Oct 2026 · home loans "7.50% p.a. onwards" w.e.f. 15 Oct · source: SBI rate page, checked 19 Oct 2026.
  • SBI card rates · regular home loans 7.50%–8.80%; Maxgain 8%–9.30%; top-up 8%–10.75% · source: Business Today, 18 Oct 2026.
  • Punjab National Bank · RLLR 8.35% (was 8.10%) · effective 8 Oct 2026 · source: PNB lending-rate page, checked 19 Oct 2026.
  • Bank of Baroda · RBLR 8.15% (was 7.90%) · effective 8 Oct 2026 · source: ETV Bharat, 8 Oct 2026.
  • Indian Bank · RBLR 8.20% (was 7.95%) · effective 8 Oct 2026 · source: ETV Bharat, 8 Oct 2026.
  • Bank of India · RBLR 8.35% (was 8.10%) · "with immediate effect from 7 October 2026", per the bank's intimation to the stock exchanges · source: PSU Connect, 7 Oct 2026.
  • Indian Overseas Bank · RBLR 8.35% · effective 8 Oct 2026 · source: ETV Bharat, 8 Oct 2026.
  • Tamilnad Mercantile Bank · RLLR 8.50% (up 25 bps) · effective 8 Oct 2026 · source: ETV Bharat, 8 Oct 2026.
  • ICICI Bank · page states repo rate 5.50% effective 8 Oct 2026 · salaried 8.75% for credit scores of 750 and above (self-employed 8.75%–8.85%) · standard slabs for salaried: up to ₹35 lakh 8.75%–9.65%, ₹35–75 lakh 8.75%–9.80%, above ₹75 lakh 8.75%–9.90% · stated valid till 31 Oct 2026 · source: ICICI Bank rate page, checked 19 Oct 2026.
  • HDFC Bank · page states "Current applicable Repo Rate = 5.50%" · repo + 2.50% to 7.95% = 8% to 13.45% · source: HDFC Bank rate page, checked 19 Oct 2026.
  • Axis Bank · credit score 751 and above: repo + 2.50% to 3.35% = 8.00%–8.85% · 750 and below or no history: 8.20%–9.10% · source: Axis Bank rate page, checked 19 Oct 2026.

Banks we could not confirm

Canara Bank: the latest repo-linked lending rate notice we could open on 19 October was 8.00% with effect from 12 July 2026, set before the hike. We found no October notice, so we do not show a post-hike Canara rate. Union Bank of India, Kotak Mahindra Bank and LIC Housing Finance: their rate pages did not load or showed no dated rate when we checked, and the aggregator figures we found were undated, so we leave them out.

HDFC Bank's October change reported in the news concerned its MCLR, not its repo-linked rate, and the reported figures did not add up (ETV Bharat, 8 October 2026). If your HDFC loan is on MCLR, check the bank's own notice for your reset.

Which bank has the lowest home loan rate now?

On published starting rates checked on 19 October: SBI advertises 7.50% onwards, Axis Bank and HDFC Bank start at 8.00%, and ICICI Bank's standard rate starts at 8.75% (each bank's rate page). ICICI also shows 7.80% for pre-approved digital loans, subject to bureau score. Starting rates go to the strongest profiles; the rate you are offered depends on your credit score, income type and loan size, so ask for a written sanction rate.

When will my EMI change after the RBI hike?

  • Repo-linked loans: RBI rules from 2019 require floating retail loans linked to an external benchmark to reset at least once every three months (TLDR Money, citing RBI/2019-20/53). Your bank's reset date decides when you see the change.
  • Example of a reset rule: Axis Bank's page says repo changes are applied once a quarter, on the 25th of the last month of the calendar quarter, and by default to the tenure rather than the EMI.
  • MCLR loans reset on their own cycle, often yearly. An August 2026 RBI draft proposes a three-month reset for all floating loans from 1 April 2027; it was still a draft on 12 October (TLDR Money).
  • Fixed-rate loans do not change during the fixed period. ICICI's fixed rates, for example, run from 8.90% to 11.20% depending on the period (ICICI rate page, checked 19 October 2026).

How much more will you pay? EMI examples

These illustrations assume 20 years left and a 25 bps rise. We rechecked the arithmetic with the standard EMI formula.

  • ₹30 lakh · 7.50% → 7.75% · ₹24,168 → ₹24,628 · +₹461 a month (TLDR Money).
  • ₹50 lakh · 8.00% → 8.25% · ₹41,822 → ₹42,603 · +₹781 (BankBazaar via Business Today, 18 October 2026).
  • ₹80 lakh · 8.00% → 8.25% · ₹66,915 → ₹68,165 · +₹1,250 (same source).
  • ₹1 crore · 8.00% → 8.25% · ₹83,644 → ₹85,207 · +₹1,563 (same source).

Should I increase EMI or tenure?

On the ₹30 lakh example, paying the higher EMI keeps the loan at 240 months and adds about ₹1.11 lakh of interest. Keeping the old EMI stretches the loan to 252 months and adds about ₹2.74 lakh, so the higher EMI is about ₹1.63 lakh cheaper overall (TLDR Money). Many banks default to extending the tenure, as Axis's page states, so ask in writing if you prefer the higher EMI.

If your spread is well above what new borrowers are offered, a reset request or balance transfer may be worth pricing. Compare the full cost, including fees, before you switch. Our earlier pieces cover prepaying versus switching (After the RBI Rate Hike: Should You Prepay Your Home Loan, Switch to Fixed, or Invest? (October 2026)) and the original EMI impact of the hike (Home Loan EMI After the RBI Hike (2026): ₹50 Lakh, ₹1 Crore, ₹2 Crore).

Homes to price with these rates

If you are budgeting a new purchase, a few listed Bengaluru projects across price points, with starting prices from our listings: