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

Posted by BrickAcres on April 8, 2016
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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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