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State Bank of India (SBI), the country’s largest lender by assets, has reduced its interest rate by 10 basis points or 0.10 per cent on home loans of up to Rs. 30 lakh, a move which is likely to provide some respite to home loan borrowers. The revised rates on home loans or housing loans are applicable from Wednesday, April 10, according to a statement from the bank. SBI’s reduction in home loans rate comes nearly a week after the Reserve Bank of India (RBI) cut the repo rate by 25 basis points from 6.25 per cent to 6 per cent. Repo rate is the interest rate at which the central bank lends money to commercial banks such as SBI.
State Bank of India (SBI) on Wednesday reduced its MCLR by 5 bps across all tenors and slashed interest rate on home loans up to Rs 30 lakh by 10 basis points.
One-year MCLR will be 8.50% per annum (pa). The interest rates on all loans linked to MCLR stand reduced by 5 bps from April 10, 2019, India’s largest lender said in statement.
Now the applicable interest rate for such housing loans below Rs.30 lacs will range from 8.60% p.a. to 8.90% p.a prior to the rate cut decision range for rate was 8.70% p.a. to 9.00% pa.
SBI has linked its Cash Credit /Over Draft rates above Rs one lakh to the repo rate for better transmission of RBI’s policy rates. The benefit of reduction in repo rate by 25 bps by RBI (from April 04 2019) will get passed on in its entirety to CC/OD customers banking with SBI from May 01 2019, it added.
SBI has linked its Savings Bank rates to the repo rate. Thus the saving bank rates shall also stand revised from May 01 2019. For balances up to Rs one lakh rate will be 3.50 per cent p.a., comprising almost 95% of SB account holders.
Tenor-wise MCLR effective from 10th April, 2019 will be as under:
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