INSUBCONTINENT EXCLUSIVE:
MCLR is a benchmark rate through which banks such as SBI lend home loans to borrowers.SBI or State Bank of India, the country largest
MCLR is a benchmark rate through which banks lend money to home loans borrowers
When MCLR goes down, home loans become cheaper
With the latest cut in the MCLR, the effective reduction in home loan rates since April 10 is 35 basis points, according to SBI's
statement.TenorExisting MCLR (In %)Revised MCLR (In %)Over night8.057.9One Month8.057.9Three Month8.17.95Six Month8.258.1One Year8.48.25Two
Years8.58.35Three Years8.68.45(As mentioned on SBI's website- sbi.co.in)The announcement by SBI came after the Reserve Bank of India's
Monetary Policy Committee (MPC) cut the repo rate by 35 basis points or 0.35 per cent to 5.40 per cent, the lowest in over nine years
The repo rate was slashed for the fourth consecutive time by the MPC
Repo rate is the interest rate at which the RBI lends money to commercial banks.Meanwhile, SBI offers several types of home loan products
such as regular home loan, flexipay home loan, privilege home loan, shaurya home loan, pre-approved home loan, realty home loan and bridge
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