Tough times ahead....for new home buyers and those who have already taken loans under floating rates should be prepared. On the 30th of June 2008, Monday, the leader in the home loan market, Housing Development and Finance Corp (HDFC), and the largest private sector bank in India ICICI Bank, both announced raising home loan rates for existing as well as new customers by as much as 75 basis points (100 basis points=1%). They also announced raising deposit rates. The hike in interest rates as well as deposit rates for HDFC is effective from 1st of July 2008 while for ICICI Bank it was June 30th 2008.Want to know more on Home Loan? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.For every Rs 1 lakh of home loan of 20 years tenure under the floating rate, the increase in monthly installment would be Rs 34 while for loans of 15 years, the increase would be Rs 32 for existing HDFC customers. For new customers, for every Rs 1 lakh of loan for 20-year tenure, the EMI would work out to Rs 1,033.