SBI has lowered its lending rate for home loans to 9.45 per cent

SBI has lowered its lending rate for home loans to 9.45 per cent and further to 9.4 per cent for women customers following implementation of a new interest rate calculation regime mandated by RBI. with the marginal cost of funds based lending rate (MCLR) system coming into force with effect from April 1, the lending rates of other banks may also fall soon.If the banks decide to pass on the latest 0.25 per cent policy rate cut announced by RBI on April 5, the rates for borrowers may go down further. If the banks decide to pass on the latest 0.25 per cent policy rate cut announced by RBI on April 5,the rates for borrowers may go down further. RBI had asked banks to price fixed-rate loans of up to three years based on their marginal cost of funds from April 1. All banks have to follow MCLR system, a new uniform methodology which will ensure fair interest rates to borrowers as well as to banks. SBI said that the reduction in home loan rate has been made possible as it is calculating the lending rate as per the MCLR for one year, which has been set at 9.20 per cent.

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