Consumers may have to fork out up to Rs 1,500 more every month for a home loan of Rs 20 lakh, as bankers say that interest rates could go up by 0.5-1 per cent after RBI's hawkish policy aimed at containing inflation.

As such private and public sector banks are offering home loans for interest up to 14.75 per cent per cent depending on the quantum and tenure of the credit period. At the lower end of the band, the interest rates start at 9.75 per cent.

An analysis of the repayment computation tables used by banks suggests that the EMI would rise by up to Rs 75 per lakh for a 20-year loan tenure after a one per cent interest rate hike.

This additional burden in the EMI would increase the overall interest cost for a loan taken for a period of 20 years, by a whopping Rs 3,60,000 crore (Rs 3600 billion).

After the Reserve Bank asked the banks to park more cash with it and also increased its short-term key lending rates for them, the bankers across the board said that they would have to increase the lending rates for commercial and consumer loans, including for cars and housing.

The rates could rise by between 0.5-1.0 per cent, the bankers said, after RBI increased the cash reserve ratio by 0.25 per cent and the repo rate by 0.50 per cent.

The floating home loan rates currently vary between 9.75 per cent to 12.5 per cent, while that for fixed rates are 11.25 per cent to 14.75 per cent for a 20-year loan.