SBI Home Loans Get Cheaper From Today: 10 Things To Know
- State Bank of India's MCLR, the rate to which all of its loans are linked, now stands at 8.40 per cent, from 8.45 per cent earlier, according to the statement.Â
- This reduction in MCLR lowers the home loan rates by 20 basis points since April 10, 2019.
- On Monday, the RBI governor said that after delivering three back-to-back rate cuts to the tune of 75 bps, the central bank expects a quicker transmission by commercial banks.Â
- The Monetary Policy Committee (MPC) had lowered the repo rate by 25 basis points to 5.75 per cent in June.
- That marked the third straight reduction of 25 basis points in the central bank's bi-monthly policy review.Â
- Since the cut by the RBI in its June review, Bank of Maharashtra, Corporation Bank, Oriental Bank and IDBI Bank have reduced their benchmark lending rates by 5-10 basis points.
- The next meeting of the monetary policy committee is scheduled for August 5-9.
- Many analysts expect another rate cut by the RBI in its August review.
- Meanwhile, SBI introduced repo-linked home loan products in June this year. A repo rate-linked home loan means that any changes in the key interest rate by the central bank would be passed on directly to the customers.
- As of March 31, 2019, the bank had a deposit base of over Rs. 29 lakh crore.Â
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