BANK NEWS
Home loans cheapest in 6 years as SBI slashes rate 50 basis pts
Mumbai: Home loan rates have fallen to their lowest level in six years with State Bank of India, the country's largest lender, cutting the effective rate to 8.6% from 9.10%.
While SBI cut its one-year marginal cost of lending rate (MCLR)—the benchmark to which home loans are linked —to 8%, against 8.9% earlier, it kept the spread above MCLR at 60 basis points, against 20 basis points earlier.
So, home loans up to Rs 75 lakh, earlier available at 9.1%, can now be taken at 8.60%. For others, the rate would be 8.65%, against 9.15% earlier. Times of India
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